To follow up on my post from yesterday, the "Credit" is the opposite of the debit in that it means to place the concerned transaction to the right side of the T-account.
However, credit also has other meanings. To 'offer credit' means to allow someone the opportunity to pay for something at a later stage. 'Bank credit' means an approval from the bank to borrow money usually up to a specified limit.
Credit has other meanings for example when used in words such as credit card, credit ratings, etc. However, my focus for now is on accounting terminology and so we will skip a lot of these words. If you have other instances where the word credit shows up from an accounting perspective, do let us know and we will be happy to add the meanings for you.
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