What is the T account.... Nd …
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Posted by Tasya Agrawal 3 years, 11 months ago
- 1 answers
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Yogita Ingle 3 years, 11 months ago
T-accounts are simply another way of representing an account.
There is one T-account for each account on a balance sheet.
Each T-account contains the name and balance (current dollar value) of a particular account.
The current value of a T-account is always taken from the most recently prepared balance sheet.
The opening and normal balance of an asset account goes on the left side of a T-account because assets appear on the left side of a balance sheet.
On the other hand, the opening and normal balance of a liability or owner’s equity (capital) account goes on the right side of a T-account because liabilities and owner’s equity appear on the right side of a balance sheet.
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