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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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Chapter
Section
BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

LO3 To debit an account is to enter an amount on the left side of the account.

To determine

Identify whether the given statement is true or false.

Answer

True

Explanation

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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