Question

0. What is a T-account and why is it used?

0. What are the rules for debit and credit?

0. (Respond to this answer I’m 100+ word summary) A T-account is a representation of a general ledger account. The name of the account will be on the top of the T, while debit entries are shown on the left side and credit entries are shown on the right. The T-account is a tool used in double entry accounting, showing how one side of an accounting transaction is reflected in another. This method is not used in single entry accounting since only one account is impacted. To balance a T account you just add amounts on both sides and bring each total down, this is as long as it is just credit and debit entries.

0. (Respond to this answer I’m 100+ word summary) Debit is on the left and credit is on the right side of a T-Account. They are used to indicate the increase or decrease in certain accounts. When there is a change in an account, that change is indicated by either debiting or crediting that account on the assets or expenses side. The entry has to be either a credit or debit, it can not be both. When it's a debit, an increase is recorded on the debit side and a decrease is recorded on the credit side of all asset accounts its a credit, an increase is recorded on the debit side and a decrease is recorded on the credit side of all expense accounts

Answer 1

Solution:-

1. What is a T-account and why is it used:-

2. What are the rules for debit and credit:-

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