A T-Account Has a $388 Credit Balance

question 90

Multiple Choice

A T-account has a $388 credit balance.This account is most likely:

• A)an expense.
• B)a dividend account.
• C)an asset.
• D)a stock account.

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Definitions:

Demand

The desire and ability of consumers to purchase goods and services at various prices.

Law of Demand

States that, all other factors being equal, as the price of a good increases, demand for that good decreases, and vice versa.

Quantity Demanded

The amount of a good or service that consumers are willing and able to purchase at a specific price.

Price

The amount of money required to purchase a good or service, determined by factors such as supply and demand.