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Entering transactions on the left side of the T account will debit the account and increase the active account.
T Account is an informal term for a set of financial records using double-entry bookkeeping. It is called a T account because the accounts are arranged in a T shape. The account title appears just above the T.
The main difference between T-Accounts and General Ledger Accounts is that T-Accounts are graphical representations of General Ledger Accounts whereas General Ledger Accounts are a set of financial accounts. A ledger can therefore also be interpreted as a collection of T accounts.
Each T account has debits on the left and credits on the right. You can use debits and credits to increase or decrease your account balance. The T account is commonly used to create chargebacks. The matching principle of accrual accounting dictates that all expenses must match the income generated during the period. The T account guides the accountant as to what to enter in the ledger to obtain a reconciling balance so that income matches expenses.
Learn more about the T account here: https://brainly.com/question/25746199
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