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Stephen G.
Stephen G., Sr Financial Expert
Category: Finance
Satisfied Customers: 5998
Experience:  Extensive Experience with Tax, Financial & Estate Issues
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Using a T-Account, Can you show me how to set up an account

Resolved Question:

Using a T-Account, Can you show me how to set up an account balance with these numbers?
credit balance $125,000
withdrawals for the year totals $7,000
and a loss of $130,000

New at this. Thank you.
Hank (student)
Submitted: 3 years ago.
Category: Finance
Expert:  Stephen G. replied 3 years ago.

Stephen G :

Is there any additional information or do you just want to know those items appear in a "T-Account"?

Customer:

Show me what it would look like if you were doing an assignment problem.

Stephen G :

Well, I can draw a T-Account, but let's say you know what that looks like.................debits are on the left of the T and credits are on the right of the T.

Stephen G :

first the credit balance of $125,000. is on the right of the T

Stephen G :

the 7,000 of withdrawals would go on the left side of the T

Stephen G :

and the loss of $130,000 would go on the left side of the T

Stephen G :

the 7,000 & 130,000 being debits

Customer:

Compute the balance as of the end of the year, thanks.

Stephen G :

The balance for the year would be a $12,000. debit balance

Customer:

Thank you Stephen G.

Stephen G :

Please remember to rate my response.

Stephen G., Sr Financial Expert
Category: Finance
Satisfied Customers: 5998
Experience: Extensive Experience with Tax, Financial & Estate Issues
Stephen G. and other Finance Specialists are ready to help you
Customer: replied 3 years ago.

Is there anyway you can send me a visual of what it would look like on paper?


Thanks

Expert:  Stephen G. replied 3 years ago.

Sorry, no I don't have that capability. I didn't realize you had asked another follow-up question here or I would have responded in a timely manner. Steve G.