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T Account to which Statement?

This topic has 1 reply, 2 voices, and was last updated 12 years ago by danielglover.

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February 6, 2013 at 11:04 am #114751
essem
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Hi
Is there an easy way to remember which T accounts relate to which financial statement, i.e.e income statement or balance sheet?
February 6, 2013 at 10:04 pm #115082
danielglover
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When doing T-accounts, get into the habit of putting I/S or BAL at the side of the title. As always, at the year-end the I/S accounts need to be brought to zero and the BAL accounts are left with a balance.
Hope this helps.
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