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.
Debits CreditsThis is a T account whichis used to anal y ze postingof double entry accountingBoth the right hand column T and the left must have equal totals.The left side is for Debits and the right side is for Credits. Using T Accounts to post journal entries 1.ebits CreditsThis is a T account whichis used to anal y ze postingof double entry accountingBoth the right hand column T and the left must have equal totals.The left side is for Debits and the right side is for Credits. Using T Accounts to post journal entries 1.