5RQ
Question
What is a T-account? On which side is the debit? On which side is the credit? Where does the account name go on a T-account?
Step-by-Step Solution
Verified Answer
T-account is a shortened format of the ledger. The left side is debit and the right side is credit. The name goes on the top of T shape.
1Definition of T-Account
The ledger account in the shortened format is known as the T-Account. The accounts are prepared in the form of the letter T.
2Debit side and credit side
The left side of the T-account is known as the debit side and the right side of the T-account is known as the credit side.
3Account name on T-account
The name on the T-account just goes above the letter T.
Other exercises in this chapter
3RQ
What does a ledger show? What’s the difference between a ledger and a chart of accounts?
View solution 4RQ
Accounting uses a double-entry system. Explain what this sentence means
View solution 6RQ
When are debits increases? When are debits decreases?
View solution 8RQ
Identify which types of accounts have a normal debit balance and which types of accounts have a normal credit balance.
View solution