T-ACCOUNTS: Explained in (Almost) 2 Minutes!
💥T-Account Cheat Sheet → https://accountingstuff.com/shop 🖊T-Account Practice Questions → https://accountingstuff.com/practice-... In this video, I'll attempt to explain T-Accounts in less than two minutes! A T-Account is a simple visual tool used in accounting to track transactions in individual accounts. It gets its name from its “T” shape—debits go on the left and credits go on the right. T-Accounts help us visualise the flow of transactions. Each account has a “normal” side where its balance typically sits. Using the DEALER acronym (Dividends, Expenses, Assets, Liabilities, Equity & Revenue), we can sort accounts into Normal Debit or Normal Credit Accounts. This helps us understand how they increase or decrease. I’ll walk you through two examples from a fictional business called Lawn & Order. You’ll learn how to record revenue and maintenance expenses using T-Accounts, and I’ll explain each side of the transaction using the rules of Double-Entry Accounting. 🔴Subscribe for more Accounting Tutorials → https://geni.us/subtothechannel ⏱️TIMESTAMPS 00:00 - Intro 00:08 - What is a T-Account? 00:56 - How do T-Accounts work? 01:53 - T-Account Example 03:44 - How do you close a T-Account? 🔎FAQ ▪ My Favourite Accounting Book for Beginners → http://geni.us/5mKR7m 🔝 CLOUD ACCOUNTING SOFTWARE ▪ XERO (Free Trial / Discount) → https://xero5440.partnerlinks.io/08mf... ▪ QuickBooks Online USA (Free Trial / Discount) → https://geni.us/quickbooksonlineusa ▪ QuickBooks Online Canada (Free Trial / Discount) → https://geni.us/quickbooksonlinecanada 🚶FOLLOW ME ON ▪ Instagram →   / accountingstuff  ▪ TikTok →   / accounting_stuff  ▪ Facebook →   / accountingstuff  ________________________ DISCLAIMER Some of the links above are affiliate links, where I earn a small commission if you click on the link and purchase an item. You are not obligated to do so, but it does help fund these videos in hopes of bringing value to you! ________________________ #accounting #accountingbasics #accountingstuff
