Concept explainers
LO3 To debit an account is to enter an amount on the left side of the account.
Identify whether the given statement is true or false.
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:
- (a) The title of the account
- (b) The left or debit side
- (c) The right or credit side
Example of T-account
Cash Account | |||
Debit | XXX | Credit | XXX |
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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Chapter 3 Solutions
Cengagenowv2, 1 Term Printed Access Card For Heintz/parry's College Accounting, Chapters 1-15, 22nd
- Identify whether the following transactions would be recorded with a debit (Dr) or credit (Cr) entry. Indicate the normal balance of the account. Table 3.20arrow_forwardIdentify whether each of the following transactions would be recorded with a debit (Dr) or credit (Cr) entry. Table 3.14arrow_forwardIdentify whether ongoing transactions posted to the following accounts would normally have only debit entries (Dr), only credit entries (Cr), or both debit and credit entries (both). Table 3.9arrow_forward
- Identify whether each of the following transactions would be recorded with a debit (Dr) or credit (Cr) entry. Table 3.7arrow_forwardIdentify whether ongoing transactions posted to the following accounts would normally have only debit entries (Dr), only credit entries (Cr), or both debit and credit entries (both). Table 3.15arrow_forward1. What is the corrected balance of cash account? 2. What is the corrected balance of Accounts Receivable account? 3. What is the corrected balance of supplies account? 4. What is the corrected balance of prepaid insurance account? 5. What is the corrected balance of notes payable account? 6. What is the corrected balance of accounts payable account? 7. What is the corrected balance of Reena, Capital account? 8. What is the corrected balance of Reena, drawing account? 9. What is the corrected balance of advertising expense account? 10. What is the corrected balance of debit and credit columns of the Trial Balance?arrow_forward
- State for each account whether it is likely to have (a) debit entries only, (b) credit entries only, or (c) both debit and credit entries. Also indicate its normal balance.1. Accounts Payable2. Cash3. Del Robinson, Drawing4. Miscellaneous Expense5. Insurance Expense6. Fees Earnedarrow_forwardAn account is said to have a debit balance if ? Select one: a. The amount of debit exceeds the amount of the credits b. There are more entries on the debit side than on the credit side c. None of above d. The last entry of the accounting period was posted on the debit sidearrow_forwardIndicate how changes in these types of accounts would be recorded (Dr for debit; Cr for credit). Table 3.23arrow_forward
- Indicate how changes in the following types of accounts would be recorded (Dr for debit; Cr for credit). Table 3.18arrow_forwardA revenue account will begin with the number ________ in the chart of accounts. (a) 1 (b) 2 (c) 3 (d) 4arrow_forwardWhich of the following transactions will require a journal entry? Indicate if it will be a debit or a credit and to what account the entry will be recorded. Table 8.2arrow_forward
- College Accounting, Chapters 1-27AccountingISBN:9781337794756Author:HEINTZ, James A.Publisher:Cengage Learning,Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax CollegeCollege Accounting (Book Only): A Career ApproachAccountingISBN:9781337280570Author:Scott, Cathy J.Publisher:South-Western College Pub