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General Accounting Discussions: Make sure Assets=liablities+ Stock holders on T accounts

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    • CommentAuthormarch
    • CommentTimeMar 4th 2007
     
    If a company pays for equipment on credit for $100. where does it go on the T account?
  2.  
    debit -accounts payable -equipment $100 and credit (the mode of payment that you used) like cash, cheque(bank account) $100.
    • CommentAuthormia
    • CommentTimeMar 11th 2007
     
    Just go with the simple analysis that "the value you received" is always be on the debited and "the value you parted with" is always on the credited. On the "T" account the left side is the debit and right side is the credit.

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