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.
Debit refers to the left side of an account and credit. refers to the right side. Calculate the account bal-. ance from the totals of the debit and credit sidesof. Section 200 Accounting Basics for Recording Transactions. December 2002 Accounting Manual for Federal Credit Unions. Page 4. an account and subtract the smaller â¢sum from the. larger; and the difference is called the balance of. the account. Debits and credits affect asset and.