Debits and credits are the method behind journal entries in double-entry bookkeeping systems. A debit is an accounting entry that represents money owed. It is usually entered on the left side of a journal entry record, and it increases the total balance of an account. In contrast, a credit is an accounting entry that represents money owed by another party. It is usually entered on the right side of a journal entry record, and it decreases the total balance of an account. By entering debits and credits in this way, both parties can keep track of their financial status more easily, allowing for more accurate records.