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.
After we have seen the T-account and related accounting for factory overhead, let's look at the Work-in-Process Inventory account. Amount of work-in-process inventory available at the beginning of an accounting period (i.e., beginning balance as a debit because inventory is an asset account).