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.
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.