BuyFind

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
Publisher: Cengage Learning,
ISBN: 9781337794756
BuyFind

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
Publisher: Cengage Learning,
ISBN: 9781337794756

Solutions

Chapter 3, Problem 1TF
To determine

Identify whether the given statement is true or false.

Expert Solution

Answer to Problem 1TF

True

Explanation of Solution

T-account: The condensed form of a ledger is referred to as T-account. The left-hand side of this account is known as debit, and the right hand side is known as credit.

This account is referred as 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:

  1. (a) The title of the account
  2. (b) The left or debit side
  3. (c) The right or credit side

Example of T-account

Cash Account
DebitXXX CreditXXX

As per above explanation, an amount should be entered on the left side of a T-account for debiting a particular account. Hence, the given statement is true.

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