Debiting an asset is a business transaction that involves subtracting an amount of money from a specific asset account in the company’s books. The debit removes the value of the asset, which means that the asset is no longer owned by the company. This process can occur when a company pays for a purchase on credit or when it sells assets to generate funds. In other words, debiting an asset involves transferring ownership of the asset from one entity to another and accounting for the loss of money resulting from the transfer. By recording this transaction, businesses can keep accurate track of their assets and liabilities.