T-Accounts
This post will cover t-accounts which are financial records that use double-entry bookkeeping.
Definitions
An account is where we can record, sort, and store all transactions that affect a related group of items. A t-account is a visual representation of an account (it looks like a t). A general ledger is where a business stores a complete record of all its financial transactions and accounts. Debits go on the left, and credits go on the right. To follow double-entry accounting rules, you must record a transaction by writing down both sides of it in at least two t-accounts.
TL;DR
An account is where we can record, sort, and store financial transactions.
A t-account is a graphical representation of an account.
A general ledger is where a business stores a complete record of all its financial transactions and accounts.
Debits on the left.
Credits on the right.
Double-entry accounting means that every transaction affects at least two accounts.
>at least two t-accounts
at least two, each with both a left and right side? Why two or more T-accounts instead of just one canonical one?