What is an example of T account?

[accountinglads]

Yes, as an example of a cash T account example, assume that a business receives a revenue of £1,000, then it debits the cash account (left side of account) with GB pounds 1,000. When it pays out rent of 300 then it will charge 300 to the Cash account (right side).
 Cash T Account:
 Debit | Credit
 1000 | 300
 The balance that is left is 700 pounds. Such format allows charting account movements effectively and keeping the accounting equation balanced. It is a critical term in the multifaceted bookkeeping of double-entry bookkeeping and financial statements.