A T-account has a $382 debit balance. This account is most likely:

Question

Quizplus · Accepted Answer

The debit balance means that there have been more debits than credits to the account, indicating that money has been taken out of the account. Cash is the most likely account to have had money taken out of it, as opposed to income taxes payable (a liability account that would normally have a credit balance), common shares (an equity account that does not typically have a debit balance), magazine sales (a revenue account that would have a credit balance), or sales revenue (another revenue account that would have a credit balance).

A T-Account Has a $382 Debit Balance