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From: Webster's Revised Unabridged Dictionary (1913)

 Deb·it, v. t. [imp. & p. p. Debited; p. pr. & vb. n. Debiting.]
 1. To charge with debt; -- the opposite of, and correlative to, credit; as, to debit a purchaser for the goods sold.
 2. Bookkeeping To enter on the debtor (Dr.) side of an account; as, to debit the amount of goods sold.
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