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California bank holds $375 million in deposits and maintains a reserve ratio of 5% . Final money supply will be $7500 million
An informal word for a collection of financial records that employ double-entry bookkeeping is a T-account.
Because the bookkeeping records are organised in a form that resembles a T, it is known as a T-account.
Just above the T is the account title. Debits are listed on the left and credits are recorded on the right, with a line separating the two.
To create adjusting entries, T-accounts are frequently employed. All expenses in accrual accounting must equal the period's income, according to the matching principle.
Three things make up every T account: the account name at the top, a debit entry on the left, and a credit entry on the right.
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