Asked by Jincy Robin on Jun 26, 2024
Verified
Which are the parts of the T account?
A) title, date, total
B) date, debit side, credit side
C) title, debit side, credit side
D) title, debit side, total
Debit Side
The left side of an accounting ledger where increases in assets, expenses, and losses or decreases in liabilities and equity are recorded.
Credit Side
The right side of an account ledger, representing increases in liability, equity, and revenue accounts or decreases in asset or expense accounts.
- Become acquainted with the configuration and purpose of T accounts in the realm of accounting.
Verified Answer
MS
Mattison StephensonJul 01, 2024
Final Answer :
C
Explanation :
The T account consists of a title, a debit side (left) where debits are recorded, and a credit side (right) where credits are recorded. The T account does not have a total column, instead, the balance is calculated by subtracting the total of the credit side from the total of the debit side. The date may be included, but it is not a necessary part of the T account.
Learning Objectives
- Become acquainted with the configuration and purpose of T accounts in the realm of accounting.