Would you be able to illustrate how each T account operates?

[accounting lads]

Sure! Let’s say that your utilities come to $300 per month. A $300 debit is made to the Utilities Expense account and a $300 credit is given to the Cash account. Another case: entering a $500 payment from a client brings a $500 reduction in Cash and a $500 addition to Accounts Receivable. You can see from examples of t accounts help you monitor assets, liabilities, income and expenses.

[Автор]

Сообщения