What do "debit" and "credit" mean?

Journal entries, the entries recording the law firm’s business transactions on its books, are made up of at least one debit and one credit.

A debit is the part of the journal entry that increases an asset or expense account and decreases a liability or equity account.^[1] Accounts which increase when debited are found on the left side of the balance sheet and the trial balance, and include Draws, Expenses, Assets, and Losses.^[2]

A credit is the part of the journal entry that increases a liability or equity account and decreases an asset or expense account.^[1] Accounts which increase when credited are found on the right side of the balance sheet and the trial balance, and include Gains, Income, Revenues, Liabilities, and Owner’s Equity.^[2]

References

1. Debit and Credit Definitions
2. Introduction to Debits and Credits