Can someone tell me the difference between credit and debit on the balance sheet mean?

2 I'm confused. If it's an asset, you don't owe it by definition - you own it. (The only exceptions are contra-assets, but that really isn't something you owe as much as something that's reducing the value of your assets...like allowances for depreciation or bad debt.)Could you rephrase your question?

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3 To understand balance sheets and other financial statements a good place to start is this Wikipedia article on double entry bookkeeping. en.wikipedia.org/wiki/Double-entry_bookk... .

4 The difference between debits and credits is usually covered the first day of Accounting 101. (Or, in my case, the first day of high school bookkeeping, but not every high school offers such. ).

Combined with the business organization question you asked a couple of hours before this question, perhaps you need to learn a bit more about business before starting one? .

5 The bank I use both credit and debit are two different ways to spend your money. One you sign like a credit card the other you enter a pin#. Other than that I am a DUH!

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