Please lend a hand! accounting - debtors and creditors (whats the difference)?

helo!
can someone please transmit me the difference between a debtor and a creditor! and how do you know the difference when satisfying within a nonspecific ledger?

thanks

Answers:
Debtors are your customers, also set as accounts receivable. They owe you money for products which you've sold to them on credit. They are enter contained by Accounts Receivable a/c within the common ledger.

Creditors are your suppliers and vendor, population whom you've bought produce from on credit. For that you owe them money. They're also set as Accounts Payable and are enter surrounded by Accounts Payable a/c within the broad ledger.
Debtors owe you money.
Creditors enjoy provided you credit (goods very soon for contribution later) and presently you owe them money.

Hope this help!
debtors = someone who owes you money = assets
creditors = someone you owe money = liability
Please read through this

http://www.futureaccountant.com/accounti...

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