Multiple Choice
In the process of completing a work sheet,the accountant determines that the Income Statement debit column totals $83,000,while the Income Statement credit column totals $65,000.To enter net income (or net loss) for the period into the work sheet would require an entry to
A) the Adjustments debit column and the Adjustments credit column.
B) the Unadjusted Trial Balance debit column and the Adjustments credit column.
C) it is not practical to enter Net Income (or Net Loss) on the work sheet.
D) the Balance Sheet & Statement of Retained Earnings debit column and the Income Statement credit column.
E) the Income Statement debit column and the Balance Sheet & Statement of Retained Earnings credit column.
Correct Answer:

Verified
Correct Answer:
Verified
Q2: Income Summary is a temporary account only
Q39: Which of the following assets is not
Q92: The total amount of depreciation recorded against
Q129: Accrued revenues:<br>A)At the end of one accounting
Q173: The balances in the unadjusted columns of
Q250: A company had $6,992,000 in net income
Q254: A company had revenues of $75,000 and
Q255: Castillo Services paid K.Castillo,the sole shareholder of
Q256: On December 31,Jacoby Company received a $385
Q258: Use the information in the adjusted trial