What is debit and credit in the ledger? What Is the Difference Between a Debit and a Credit?

A simple ledger is a record of every single transaction a business makes. Each ledger has accounts and entries that represent these transactions. There are two sections in a simple ledger — a debit side and a credit side. For each transaction, you enter a debit and a credit entry in the ledger. In the end, the balance on both sides should be the same.