The Accounts Receivable T account shows the following debit and credit amounts:
$300, debit
$1,000, debit
$500, credit
$120, credit
What is the balance of the account?
A) $1,200, debit
B) $500, credit
C) $680, debit
D) $900, credit
E) $2,000, debit

Question

The Accounts Receivable T account shows the following debit and credit amounts: 
$300, debit
$1,000, debit
$500, credit
$120, credit
What is the balance of the account?
A) $1,200, debit
B) $500, credit
C) $680, debit
D) $900, credit
E) $2,000, debit

Quizplus · Accepted Answer

To find the balance of the account, we need to subtract the total credit amount from the total debit amount.

Total Debit = $300 + $1000 = $ 1300
Total Credit = $500 + $120 = $ 620

Balance = Total Debit - Total Credit = $1300 - $620 = $ 680 (debit)

Therefore, option C is the correct choice.

The Accounts Receivable T Account Shows the Following Debit and Credit