T accounts

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Feb 19, 2007, 03:38 PM

Elisa926

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Join Date: Feb 2007

Posts: 1

T accounts

I am having trouble understand the accountant. I know that assets=liabilities+owner's equity. I am having trouble understand T accounts. Please help me understand.

Answers

Feb 19, 2007, 07:19 PM	#2

CaptainForest Finance & Accounting Expert Join Date: Nov 2005 Location: Canada Posts: 3,672	T-accounts are just summary accounts of an account. For example a T-account of the CASH account, would show its opening balance, any additions or subtractions made to the account during the period, and the closing balance. Debits go on the left side, and credits go on the right side. Therefore, cash opening and closing balances should be debits, so they should be on the left side.

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