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Concept explainers
LO3 To debit an account is to enter an amount on the left side of the account.
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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
Bundle: College Accounting, Chapters 1-15, 22nd + Study Guide with Working Papers + CengageNOWv2™, 1 term Printed Access Card
- Label the blanks in the column heads as either Debit or Credit.arrow_forwardIndicate how changes in the following types of accounts would be recorded (Dr for debit; Cr for credit). Table 3.18arrow_forwardIndicate how changes in these types of accounts would be recorded (Dr for debit; Cr for credit). Table 3.23arrow_forward
- What types of accounts are increased with a debit?arrow_forwardWill an accounts receivable balance increase with a debit or a credit entry? How do you know?arrow_forwardIdentify whether each of the following transactions would be recorded with a debit (Dr) or credit (Cr) entry. Table 3.8arrow_forward
- Identify whether each of the following transactions would be recorded with a debit (Dr) or credit (Cr) entry. Table 3.13arrow_forwardIdentify 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_forward38. Which one of the following statements describes the rules about posting transactions into T-accounts in the ledger? For assets, debits are entered on the left; for liabilities, credits are entered on the left For assets, credits are entered on the left; for liabilities, debits are entered on the left Debits on the left; credits on the right Credits on the left; debits on the rightarrow_forward
- All transactions entered in this window result in a debit to the Accounts Receivable account. a. Invoice b. Undeposited Funds c. Accounts Payable d. Casharrow_forwardWould you help me identify for each account if the change would be recorded as a debit (DR) or Credit (CR). Thank you :)arrow_forwardwe need name of the account which debit and credit for pragrams tally.RPE.9arrow_forward
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