Entries into T accounts and trial balance
Kimberly Manis, an architect, organized Manis Architects on January 1, 2016. During the month, Manis Architects completed the following transactions:
(1) and (2)
An account is referred to as a T-account, because the alignment of the components of the account resembles the capital letter ‘T’. An account consists of the three main components which are as follows:
Unadjusted trial balance:
The unadjusted trial balance is the summary of all the ledger accounts that appears on the ledger accounts before making adjusting journal entries.
To record: The transactions directly in their respective T-accounts, and to determine their balances.
Record the transactions directly in their respective T-accounts, and determine their balances.