A T-account has a $382 debit balance.This account is most likely:
A)Income Taxes Payable.
B)Common Stock.
C)Cash.
D)Magazine Sales.

Question

Quizplus · Accepted Answer

A T-account with a debit balance represents an asset account. Among the options given, only Cash is an asset account. Income taxes payable and Magazine Sales are liability and revenue accounts respectively, and Common Stock is an equity account. Therefore, the correct option is C) Cash.

A T-Account Has a $382 Debit Balance