T-Account: It is a statement that records the transactions in chronological order. The left-hand side of the account is called the debit side and the right-hand side of the account is called the credit side. This account is in the form of ‘T’ so it is called T-account. Different accounts are made for different heads. To Explain: The parts of T-account

Question

Want to see more full solutions like this?

Answer 1

Question

Chapter 2, Problem 1Q

To determine

T-Account: It is a statement that records the transactions in chronological order. The left-hand side of the account is called the debit side and the right-hand side of the account is called the credit side. This account is in the form of ‘T’ so it is called T-account. Different accounts are made for different heads.

To Explain: The parts of T-account

Expert Solution & Answer

Answer to Problem 1Q

The following are the parts of the T-Account:

The title of the account
The left-hand side or the debit side of the account.
The right-hand side or the credit side of the account.

Explanation of Solution

The title of the account: The title of the account is basically the name of the account. The title also reveals the nature of the account. It is important to know the nature of the account in order to apply the rules of accounting.
The Debit side: The left-hand side of an account is called as debit. When an asset, expense or loss increases it is debited whereas when any liability, revenue or income and equity decrease they are also debited.
The Credit side: The right-hand side of an account is called as credit. Liabilities, equities and incomes, and revenues are credited when they increase while assets, expenses, and losses are credited when they decrease.

Conclusion

Hence there are three major parts of T-accounts that are the title, the debit side, and the credit side.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Students have asked these similar questions

Can you solve this financial accounting problem with appropriate steps and explanations?

Please provide the correct answer to this general accounting problem using valid calculations.

What is the primary purpose of the trial balance?A) To prepare financial statementsB) To detect errors in journal entriesC) To ensure debits equal creditsD) To calculate net income

Answer 2

Question

Chapter 2, Problem 1Q

To determine

T-Account: It is a statement that records the transactions in chronological order. The left-hand side of the account is called the debit side and the right-hand side of the account is called the credit side. This account is in the form of ‘T’ so it is called T-account. Different accounts are made for different heads.

To Explain: The parts of T-account

Expert Solution & Answer

Answer to Problem 1Q

The following are the parts of the T-Account:

The title of the account
The left-hand side or the debit side of the account.
The right-hand side or the credit side of the account.

Explanation of Solution

The title of the account: The title of the account is basically the name of the account. The title also reveals the nature of the account. It is important to know the nature of the account in order to apply the rules of accounting.
The Debit side: The left-hand side of an account is called as debit. When an asset, expense or loss increases it is debited whereas when any liability, revenue or income and equity decrease they are also debited.
The Credit side: The right-hand side of an account is called as credit. Liabilities, equities and incomes, and revenues are credited when they increase while assets, expenses, and losses are credited when they decrease.

Conclusion

Hence there are three major parts of T-accounts that are the title, the debit side, and the credit side.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 2, Problem 1Q

To determine

T-Account: It is a statement that records the transactions in chronological order. The left-hand side of the account is called the debit side and the right-hand side of the account is called the credit side. This account is in the form of ‘T’ so it is called T-account. Different accounts are made for different heads.

To Explain: The parts of T-account

Expert Solution & Answer

Answer to Problem 1Q

The following are the parts of the T-Account:

The title of the account
The left-hand side or the debit side of the account.
The right-hand side or the credit side of the account.

Explanation of Solution

The title of the account: The title of the account is basically the name of the account. The title also reveals the nature of the account. It is important to know the nature of the account in order to apply the rules of accounting.
The Debit side: The left-hand side of an account is called as debit. When an asset, expense or loss increases it is debited whereas when any liability, revenue or income and equity decrease they are also debited.
The Credit side: The right-hand side of an account is called as credit. Liabilities, equities and incomes, and revenues are credited when they increase while assets, expenses, and losses are credited when they decrease.

Conclusion

Hence there are three major parts of T-accounts that are the title, the debit side, and the credit side.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 2, Problem 1Q

To determine

T-Account: It is a statement that records the transactions in chronological order. The left-hand side of the account is called the debit side and the right-hand side of the account is called the credit side. This account is in the form of ‘T’ so it is called T-account. Different accounts are made for different heads.

To Explain: The parts of T-account

Expert Solution & Answer

Answer to Problem 1Q

The following are the parts of the T-Account:

The title of the account
The left-hand side or the debit side of the account.
The right-hand side or the credit side of the account.

Explanation of Solution

The title of the account: The title of the account is basically the name of the account. The title also reveals the nature of the account. It is important to know the nature of the account in order to apply the rules of accounting.
The Debit side: The left-hand side of an account is called as debit. When an asset, expense or loss increases it is debited whereas when any liability, revenue or income and equity decrease they are also debited.
The Credit side: The right-hand side of an account is called as credit. Liabilities, equities and incomes, and revenues are credited when they increase while assets, expenses, and losses are credited when they decrease.

Conclusion

Hence there are three major parts of T-accounts that are the title, the debit side, and the credit side.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 2, Problem 1Q

To determine

T-Account: It is a statement that records the transactions in chronological order. The left-hand side of the account is called the debit side and the right-hand side of the account is called the credit side. This account is in the form of ‘T’ so it is called T-account. Different accounts are made for different heads.

To Explain: The parts of T-account

Expert Solution & Answer

Answer to Problem 1Q

The following are the parts of the T-Account:

The title of the account
The left-hand side or the debit side of the account.
The right-hand side or the credit side of the account.

Explanation of Solution

The title of the account: The title of the account is basically the name of the account. The title also reveals the nature of the account. It is important to know the nature of the account in order to apply the rules of accounting.
The Debit side: The left-hand side of an account is called as debit. When an asset, expense or loss increases it is debited whereas when any liability, revenue or income and equity decrease they are also debited.
The Credit side: The right-hand side of an account is called as credit. Liabilities, equities and incomes, and revenues are credited when they increase while assets, expenses, and losses are credited when they decrease.

Conclusion

Hence there are three major parts of T-accounts that are the title, the debit side, and the credit side.

Answer 6

Chapter 2, Problem 1Q

To determine

T-Account: It is a statement that records the transactions in chronological order. The left-hand side of the account is called the debit side and the right-hand side of the account is called the credit side. This account is in the form of ‘T’ so it is called T-account. Different accounts are made for different heads.

To Explain: The parts of T-account

Expert Solution & Answer

Answer to Problem 1Q

The following are the parts of the T-Account:

The title of the account
The left-hand side or the debit side of the account.
The right-hand side or the credit side of the account.

Explanation of Solution

The title of the account: The title of the account is basically the name of the account. The title also reveals the nature of the account. It is important to know the nature of the account in order to apply the rules of accounting.
The Debit side: The left-hand side of an account is called as debit. When an asset, expense or loss increases it is debited whereas when any liability, revenue or income and equity decrease they are also debited.
The Credit side: The right-hand side of an account is called as credit. Liabilities, equities and incomes, and revenues are credited when they increase while assets, expenses, and losses are credited when they decrease.

Conclusion

Hence there are three major parts of T-accounts that are the title, the debit side, and the credit side.

Answer 7

Chapter 2, Problem 1Q

To determine

T-Account: It is a statement that records the transactions in chronological order. The left-hand side of the account is called the debit side and the right-hand side of the account is called the credit side. This account is in the form of ‘T’ so it is called T-account. Different accounts are made for different heads.

To Explain: The parts of T-account

Answer 8

Expert Solution & Answer

Answer to Problem 1Q

The following are the parts of the T-Account:

The title of the account
The left-hand side or the debit side of the account.
The right-hand side or the credit side of the account.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Explanation of Solution

The title of the account: The title of the account is basically the name of the account. The title also reveals the nature of the account. It is important to know the nature of the account in order to apply the rules of accounting.
The Debit side: The left-hand side of an account is called as debit. When an asset, expense or loss increases it is debited whereas when any liability, revenue or income and equity decrease they are also debited.
The Credit side: The right-hand side of an account is called as credit. Liabilities, equities and incomes, and revenues are credited when they increase while assets, expenses, and losses are credited when they decrease.