T-accounts are ledger accounts that visually represent transactions with debits on the left side and credits on the right side. They contain the account title at the top and are used to calculate account balances by totaling debits and credits, with debit balances occurring when total debits exceed credits and vice versa. T-accounts form the basic building blocks of accounting by requiring every transaction to involve at least two accounts and allowing users to see how debits and credits are matched between accounts.

1. What are they? T-Accounts

5. At the end of an accounting period, a balance is calculated for each T account.