Of these, Wells, Fargo, Livingston and McKay were also on the board of American Express. Financier Edwin B. Morgan of Aurora, Cayuga County, New York, was appointed Wells Fargo's first president. They commenced business May 20, 1852, the day their announcement appeared in The New York Times.
t-account. The traditional way to record a debit and credit in one account shaped like a T.. The long line is for the account name, the left column is the debit amount, and the right column is the credit amount.
Traditionally, debit is abbreviated as DR;' whereas credit is abbreviated CR:' The T-account is also related to the balance sheet and accounting equation as follows: Balance Sheet Assets Liabilities Owners' Equity Assets are referred to as the left side of the balance sheet (and accounting equation) and hence are on the left side of the T-account.