Which statement best describes a T$-$account?

A T$-$account is used in a business to accurately report the financial status of its operations to the owners.

A T$-$account represents a ledger account and is a tool used to understand the effects of transactions.

A T$-$account is used to record transactions in a chronological order and serves as a book of original entry.

A T$-$account is a formal financial statement which reports whether debits $=$ credits at any given time.