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It means you owe them something. (money, food, anything really tradable, or loanable).
Wiki User
∙ 13y ago
"I owe you some debit" is incorrect phrasing. It seems like a mix-up of two different concepts. "I owe you" means you need to pay back money you borrowed, while "debit" refers to a transaction that takes money out of an account. The correct phrase may be "I owe you a debt."
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Does debit on a bill mean they owe you or do you owe them?
you owe them :(
What does it mean if you are in debit?
It means you have money. But if you're in DEBT, you owe money.
Does debit on your british gas bill mean you owe them money?
Yes. Credit means that you have overpaid and they owe you money.
What does it mean when an account is having a debit balance?
It means you owe money, you passed your limit.
What does debited to your account mean?
It means they have charged you for some amount. So you may have less $ in the bank or owe more $ than before the debit occurred.
Why debit is indicated by dr?
It is short for the Latin 'debere' - 'to owe'. Debit and debt come from that word.
What are credit and debit balances in accounting?
A credit balance shows up on a vendor statement when you have returned defective goods, for example. You can call the vendor and request a check for that amount or apply it to any outstanding balance that you owe that vendor. Do you mean "debit memo" instead of debit balance? A debit memo is sent to a vendor to let it know that you are making a deduction from what you owe to cover defective goods, a short shipment, a price reduction, or some other matter. When the vendor receives the debit memo and agrees with your reduction, it will send you a credit memo. And then, you may have a credit balance on your account- depending on whether or not you owe them any money.
Is a credit issued to a customer a debit or credit to Accounts Receivable?
Accounts Receivable is classified as an Asset. Assets have a normal Debit balance. If you mean to say that the customer has paid off some of the amount in their account, then the amount is listed on the Credit side and in the Debit side of the Cash account. If they have bought supplies on the account (owe you money) then the amount is put into the Debit side.
What does a minus balance on acredit card mean?
If your credit (not debit) card has a negative balance on your statement, then there is an overpayment (you paid more than you owe). So now they owe you money. This is usually applied towards future charges.
What is your balance on your account?
The balance of your account is the amount of credit or debit of your account. That is how much you have or how much you owe.
What is notes payable debit or credit?
Credit. It goes towards your credit balance. It's money you owe.
What is the difference between debit balance and credit balance?
This is really not as simple as writing debit balance is or credit balance is:In accounting Debit literally means the left side and credit means the right side. The difference between a debit balance "account" and a credit balance "account" is:Debit balance accounts increase with a debit and decrease with a creditCredit balance accounts increase with a credit and decrease with a debitAssets maintain a debit balanceLiabilities and Owners Equity maintain a credit balanceThe above answer refers to accounting, however, I noticed that you also put this in Credit and Debit cards: using a bank debit or credit card is the opposite of the view you see doing accounting.On a Credit card statement for example, a credit balance would mean that the credit card company is "crediting" you with a certain amount, meaning you do not owe that amount anymore. A debit would be a rise in the balance you "owe them".
