T account definition — AccountingTools | T account

What is a T Account? ... A T account is a graphic representation of a general ledger account. The name of the account is placed above the "T" ( ...AccountingToolsCPECoursesCPECoursesCPELogInHowtoTakeaCourseGroupDiscountsStateCPERequirementsBooksBooksListedbyTitleArticlesArticlesTopicsIndexSiteArchivePodcastAccountingBestPracticesPodcastIndexPodcastSummaryDictionaryFAQsAboutAboutContactEnvironmentalCommitmentHomeAccountingToolsCPECourses/CPECoursesCPELogInHowtoTakeaCourseGroupDiscountsStateCPERequirementsBooks/BooksListedbyTitleArticles/ArticlesTopicsIndexSiteArchivePodcast/AccountingBestPracticesPodcastIndexPodcastSummaryDictionary/FAQs/About/AboutContactEnvironmentalCommitmentHome/AccountingToolsAccountingCPECourses&BooksArticlesAccountingToolsCPECourses/CPECoursesCPELogInHowtoTakeaCourseGroupDiscountsStateCPERequirementsBooks/BooksListedbyTitleArticles/ArticlesTopicsIndexSiteArchivePodcast/AccountingBestPracticesPodcastIndexPodcastSummaryDictionary/FAQs/About/AboutContactEnvironmentalCommitmentHome/WhatisaTAccount?ATaccountisagraphicrepresentationofageneralledgeraccount.Thenameoftheaccountisplacedabovethe"T"(sometimesalongwiththeaccountnumber).Debitentriesaredepictedtotheleftofthe"T"andcreditsareshowntotherightofthe"T".Thegrandtotalbalanceforeach"T"accountappearsatthebottomoftheaccount.AnumberofTaccountsaretypicallyclusteredtogethertoshowalloftheaccountsaffectedbyanaccountingtransaction.TheTaccountisafundamentaltrainingtoolindoubleentryaccounting,showinghowonesideofanaccountingtransactionisreflectedinanotheraccount.Thisapproachisnotusedinsingleentryaccounting,whereonlyoneaccountisimpactedbyeachtransaction.Taccountsarealsousedbyevenexperiencedaccountantstoclarifythemorecomplextransactions.ExampleofaTAccountInthefollowingexampleofhowTaccountsareused,acompanyreceivesa$10,000invoicefromitslandlordfortheJulyrent.TheTaccountshowsthattherewillbeadebitof$10,000totherentexpenseaccount,aswellasacorresponding$10,000credittotheaccountspayableaccount.Thisinitialtransactionshow

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T account definition — AccountingTools | T account
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