Which of the following statements explains the difference between a Balance column account and a T$-$account?

T$-$accounts show both the debit and credit side of a transaction, while the Balance column accounts show only the debit or the credit to the account.

Balance column accounts are a less formal way of recording a transaction, while $T-$accounts are used in actual business practice.

Balance column accounts reflect year$-$end balances, but T$-$accounts reflect the current balance at any point in time.

T$-$accounts are a simple way to visualize the effect of a transaction; however, Balance column accounts are used in actual accounting systems.