Wikipedia Entry

While searching wikipedia I found that there was no entry for a commonly used trem in economics. I started a page for the term and this is what I wrote.

A T account is a chart frequently used in accounting and economics. The name is derived from the distinctive T shape. This account lists the name of the account on top, assets or credits on the left side, and liabilities or debits on the right side. The goal of a t account is for total assets to equal total liabilities. For every adjustment made to one side there must be one or more equal adjustments made to the other side.

Example:

Receiving a bank loan of $100 would require two records on the account. The $100 cash received would be listed as asset on the left side, and the $100 owed back to the bank would be listed as a liability on the right side.