Credit counterpart Crossword Clue

Today's (30 September 2023) crossword provided to us by Daily Themed Mini and the clue is "Credit counterpart".
The right answer or rather the best answer listed below:

Understanding Today's Crossword Puzzle

The clue "Credit counterpart" leads us to the answer "DEBIT."

1. Opposite Meanings: In the context of finance, "credit" and "debit" are opposite terms. While credit refers to an entry that increases funds or decreases debt, debit implies an entry that reduces funds or increases debt on an account.

2. Bookkeeping Terminology: The terms "credit" and "debit" are widely used in bookkeeping to track financial transactions. When a person or entity receives money, it is usually added as a credit to their account. On the other hand, when money is withdrawn or expenses are incurred, it is recorded as a debit to the account.

3. Banking and Financial Systems: Banks and financial institutions follow the credit and debit system to manage accounts accurately. When you make a purchase using your debit card, the corresponding amount is debited from your account. However, if you return a product and the retailer refunds your money, a credit is made to your account.

4. Balance Sheet Entries: In financial statements, credits and debits are used to maintain balance in the accounting equation. Assets are debited and liabilities are credited to balance the equation. For example, when a person takes a loan (a liability), it is credited to their account, and when they repay the loan, a debit entry is made.

5. Credit Card Use: When using a credit card, you accumulate charges that must be repaid later. These charges are seen as credits on your credit card account. Conversely, when you make payments towards your credit card balance, it is debited to reduce the debt you owe.

Considering all these factors, the answer to the clue "Credit counterpart" is "DEBIT." The word "DEBIT" perfectly matches the opposite meaning of "credit" in financial contexts and aligns with bookkeeping and banking terminology.

Definition of "DEBIT"

an entry recording a sum owed, listed on the left-hand side or column of an account

Example :

a double-entry system of bookkeeping, where each debit has a corresponding credit entry

a further debit of £21 6s 6d had been received from the Locomotive Department

$10,000 was debited from their account

 The Crossword clue "Credit counterpart" published 9 time/s & has 1 answer/s. 

Crossword	Date	Answer
Daily Themed Mini	30 September 2023	DEBIT
Crossword Explorer	30 November 2022	DEBIT
USA Today	11 October 2020	DEBIT
Jonesin	11 December 2018	DEBIT
Universal	24 March 2013	DEBIT
L.A. Times Daily	28 December 2010	DEBIT