What does God do with the sin debt of a person who believes the gospel?
By virtue of belief in the gospel, God cancels the believer's sin debt. He wipes it off the slate, forgives all sin, and will never again confront that believer with his sin. On the other side of the ledger, God also puts the whole bankroll of heaven to the believer's account.
Les explains that this is the same Greek word used for "counted" or "imputed" in Romans 4:5, like when Paul says, "put it to my account, and I'll pay it when I see you." As an unbeliever, a person has a long list of debts that cannot be paid off, a burden impossible to pay. But by belief in the gospel, God has canceled that debt. On the other side of the ledger, God puts the whole bankroll of heaven to our account. Salvation cancels our sin debt, and never again will God confront any believer with his sin. Les illustrates this with a couple going through trying times; when the wife asked if it was because of some horrible sin in their past, he asked if they were believers and assured of salvation. Then he reminded her that Scripture teaches all their sin has been forgiven, wiped off the slate, and they will never be confronted with sin.