Account: An account refers to a financial record in the general ledger, where the increase or decrease in the values of the assets, liabilities, stockholder’s equity , revenues or expenditures of the business, pertaining to a particular period are recorded. The business transactions are recorded in the books of journal entries. These transactions are in turn classified as debits and credits in their respective accounts, and at the end of the period, their respective current balances are shown as a result. This is referred to as the ledger. To discuss: the reason behind the account being referred to as a T – account.

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Answer 1

Question

Chapter 3, Problem 5Q

To determine

Account:

An account refers to a financial record in the general ledger, where the increase or decrease in the values of the assets, liabilities, stockholder’s equity, revenues or expenditures of the business, pertaining to a particular period are recorded.

The business transactions are recorded in the books of journal entries. These transactions are in turn classified as debits and credits in their respective accounts, and at the end of the period, their respective current balances are shown as a result. This is referred to as the ledger.

To discuss: the reason behind the account being referred to as a T – account.

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What does a T-account represent? What is the left side of the T-account called? What is the right side called?

What is a T-account? On which side is the debit? On which side is the credit? Where does the account name go on a T-account?

Answer 2

Question

Chapter 3, Problem 5Q

To determine

Account:

An account refers to a financial record in the general ledger, where the increase or decrease in the values of the assets, liabilities, stockholder’s equity, revenues or expenditures of the business, pertaining to a particular period are recorded.

The business transactions are recorded in the books of journal entries. These transactions are in turn classified as debits and credits in their respective accounts, and at the end of the period, their respective current balances are shown as a result. This is referred to as the ledger.

To discuss: the reason behind the account being referred to as a T – account.

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Answer 3

Question

Chapter 3, Problem 5Q

To determine

Account:

An account refers to a financial record in the general ledger, where the increase or decrease in the values of the assets, liabilities, stockholder’s equity, revenues or expenditures of the business, pertaining to a particular period are recorded.

The business transactions are recorded in the books of journal entries. These transactions are in turn classified as debits and credits in their respective accounts, and at the end of the period, their respective current balances are shown as a result. This is referred to as the ledger.

To discuss: the reason behind the account being referred to as a T – account.

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Answer 4

Question

Chapter 3, Problem 5Q

To determine

Account:

An account refers to a financial record in the general ledger, where the increase or decrease in the values of the assets, liabilities, stockholder’s equity, revenues or expenditures of the business, pertaining to a particular period are recorded.

The business transactions are recorded in the books of journal entries. These transactions are in turn classified as debits and credits in their respective accounts, and at the end of the period, their respective current balances are shown as a result. This is referred to as the ledger.

To discuss: the reason behind the account being referred to as a T – account.

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Answer 5

Chapter 3, Problem 5Q

To determine

Account:

An account refers to a financial record in the general ledger, where the increase or decrease in the values of the assets, liabilities, stockholder’s equity, revenues or expenditures of the business, pertaining to a particular period are recorded.

The business transactions are recorded in the books of journal entries. These transactions are in turn classified as debits and credits in their respective accounts, and at the end of the period, their respective current balances are shown as a result. This is referred to as the ledger.

To discuss: the reason behind the account being referred to as a T – account.

Answer 6

Chapter 3, Problem 5Q

To determine

Account:

An account refers to a financial record in the general ledger, where the increase or decrease in the values of the assets, liabilities, stockholder’s equity, revenues or expenditures of the business, pertaining to a particular period are recorded.

The business transactions are recorded in the books of journal entries. These transactions are in turn classified as debits and credits in their respective accounts, and at the end of the period, their respective current balances are shown as a result. This is referred to as the ledger.

To discuss: the reason behind the account being referred to as a T – account.

Answer 7

Chapter 3, Problem 5Q

To determine

Account:

An account refers to a financial record in the general ledger, where the increase or decrease in the values of the assets, liabilities, stockholder’s equity, revenues or expenditures of the business, pertaining to a particular period are recorded.

The business transactions are recorded in the books of journal entries. These transactions are in turn classified as debits and credits in their respective accounts, and at the end of the period, their respective current balances are shown as a result. This is referred to as the ledger.

To discuss: the reason behind the account being referred to as a T – account.

Answer 8

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Answer 9

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Answer 10

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Answer 11

Ch. 3 - Prob. 1Q Ch. 3 - Can a business enter into a transaction that...Ch. 3 - Are the followingevents recorded in the accounting...Ch. 3 - Prob. 4Q Ch. 3 - Prob. 5Q Ch. 3 - Prob. 6Q Ch. 3 - Prob. 7Q Ch. 3 - Misty Reno, a beginning accounting student,...Ch. 3 - Prob. 9Q Ch. 3 - What is the normal balance for each of these...

Solution Summary: The author explains that an account is referred to as a T-account because the alignment of the components resembles the capital letter ‘T’.

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