To report your child's income on your return, simply follow these instructions and we'll apply the Kiddie Tax calculations. Related Information: What is the Kiddie Tax?
T Accounts The simplest account structure is shaped like the letter T. The account title and account number appear above the T. Debits (abbreviated Dr.) always go on the left side of the T, and credits (abbreviated Cr.) always go on the right.
Reply. You put account payable balance at the credit side and put receivable at the debit side of the income statement. In the balance sheet account receivable balance forms part of your current assets and account payable balance is part of your short term liabilities. I hope this answers your question prince.