Accounting Debits are entries made to the accounting ledger that are used to record a business transaction or event. In other words, debits represent the amount of money you owe or have to pay back. For example, when you make a purchase with your credit card, the amount of the purchase is listed as a debit on your account. The opposite of a debit is a credit, which is an amount you receive or debt you owe someone else. When it comes to accounting, debits and credits both need to be recorded in order to keep accurate records of a company’s financial position. That way, businesses can easily track how much money they owe, how much money they have coming in, and what their overall financial condition looks like.