Question

T-accounts for manufacturing activities LO P1, P2, P3 Post entries for transactions a through g to the T-accounts. Each of T-accounts started the month with a zero balance.

Answer 1

A T-account is a balance sheet with a two-column format. To post entries for transactions, identify affected T-accounts, determine the impact, post the entry, and calculate the new balance.

Step-by-step explanation:

A T-account is a balance sheet with a two-column format, with the T-shape formed by the vertical line down the middle and the horizontal line under the column headings for 'Assets' and 'Liabilities'.

Here is an example of how to post entries for transactions a through g to the T-accounts:

1. Identify which T-accounts are affected by each transaction.
2. Determine the impact of the transaction on each T-account (increase or decrease).
3. Post the entry to the appropriate side of the T-account (debit or credit).
4. Calculate the new balance for each T-account after the transaction.