Question: 1: What is a T Account? Described the use of T-accounts to record transactions affecting the balance sheet?
2: In your opinion, why do accountants debit asset accounts to increase them but credit liability accounts to increase them? Why do accountants debit expenses to increase them but credit revenues to increase them?
3: When I think of sole proprietorship I think of real estate agents. Roughly six years ago I acquired my real estate license in Washington State. I then interviewed with multiple brokerages and finally decided to hang my license with Keller Williams in Seattle, WA. Shortly after beginning with attend training classes at the brokerage did I realize that the majority of real estate agents worked as sole proprietor's. What this meant was that they work basically acting as their own business. Some real estate agents that grew into larger teams chose to operate as limited liability corporations but for the most part the majority maintained sole proprietorship.
4: Sole proprietorship are small businesses that are ran by individual. Example: my grandfather owned a telecommunication, in the beginning he had worked for a small business. Where he initially started earning money and saving it, to later start his own small business. He had to work countless hours and he had to handle all business needs without help. Which paid off in the long run.