You and your fellow classmates are discussing the recording process in accounting. One of the students is having difficulty understanding the what debit and credit means in accounting and the rules for applying debit and credit analysis to transactions being recorded. In your posting, you should explain your understanding of the definition of debit and credit and the rules and how they apply to assets, liabilities and the components of stockholders' equity. You should give at least one example of a transaction and how the rules of debit and credit would apply.