Many of us are familiar with debits and credits from our exposure to bank statements. When we see a credit balance on our bank statement it is prepared from the banks point of view showing that you are a liability to them because they have to repay you the amount you have on deposit with them. However, from your point of view an amount you have in the bank is an asset (which is all recorded as debits). Therefore when you are looking at a document that shows a debit or credit amount always remember to find out whose point of view is the document coming from!
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