In the double-entry, debits and credits are entries made in account ledgers to record changes in value resulting from business transactions. A debit entry in an account represents a transfer of value to that account, and a credit entry represents a transfer from the account. Each transaction transfers value from credited accounts to debited accounts.
Debit- an entry recording a sum owed, listed on the left-hand side or column of an account.
Credit- an entry recording a sum received, listed on the right-hand side or column of an account.
Luca Pacioli, the father of bookkeeping, used the words debere (to owe) and credere (to entrust) in his 1949 latin work, Summa de Arithmetica, Geometria, Proportioni et Proportionalita (Everything about Arithmetic, Geometry, and Proportion).
That was the first time the utilization of those words was recorded.
When his work was translated, the latin words debere and credere became English Debit and Credit.
When it involves the DR and CR abbreviations for debit and credit, a couple of theories exist. One theory asserts that the DR and CR come from the Latin past participles of debitum and creditum, which are debere and credere, respectively. Another theory is that DR stands for “debit record” and CR stands for “credit record.” Finally, some believe the DR notation is short for “debtor” and CR is short for “creditor.”