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.
Debits and credits balance each other out âif a debit is added to one account, then a credit must be added to the an opposite account. 1  In accounting, the debit column is on the left of an accounting entry, while credits are on the right.  Debits increase asset or expense accounts and decrease liability or equity.