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T Accounts a. What is the purpose of a T account b. Name the three basic parts of a T
Chapter 4, Problem 4(choose chapter or problem)
T Accounts
a. What is the purpose of a T account?
b. Name the three basic parts of a T account.
Questions & Answers
QUESTION:
T Accounts
a. What is the purpose of a T account?
b. Name the three basic parts of a T account.
ANSWER:
Problem 4
T Accounts a. What is the purpose of a T account? b. Name the three basic parts of a T account.
Step by Step Solution
Step 1 of 3
T-accounts are prepared to post the balances of the accounts. After the transactions have been recorded, these are posted to the T-accounts or respective ledger accounts. These accounts do not require mentioning of the date on which the transactions occurred.