Review the following statements and select the ones that are correct regarding sorting accounts from the Adjusted Trial Balance columns of a worksheet to the Income Statement and Balance Sheet columns In order to prepare for our last step of completing the worksheet.

a. Expense accounts go to the Income Statement Debit column.

b. Liabilities go to the Balance Sheet & Statement of Owner's Equity Credit column.

c. Owner, Withdrawals go to the Balance Sheet & Statement of Owner's Equity Debit column.

d. Owner, Withdrawals go to the Income Statement Debit.

Question

07-03-2020
Business

contestada

Review the following statements and select the ones that are correct regarding sorting accounts from the Adjusted Trial Balance columns of a worksheet to the Income Statement and Balance Sheet columns In order to prepare for our last step of completing the worksheet.

a. Expense accounts go to the Income Statement Debit column.

b. Liabilities go to the Balance Sheet & Statement of Owner's Equity Credit column.

c. Owner, Withdrawals go to the Balance Sheet & Statement of Owner's Equity Debit column.

d. Owner, Withdrawals go to the Income Statement Debit.

Respuesta :

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andromache andromache · Answer 1 · 2020-03-11T06:36:14+01:00

Answer:

a. Expense accounts go to the Income Statement Debit column.

b. Liabilities go to the Balance Sheet & Statement of Owner's Equity Credit column.

c. Owner, Withdrawals go to the Balance Sheet & Statement of Owner's Equity Debit column.

Explanation:

As we know that the expenses and the income are reflected in the income statement. The expenses are shown on the debit side whereas the income are shown on the credit side

The liabilities are shown on the balance sheet and the owner withdrawals are also gone to the income statement

And, the owner withdrawal is not going to the income statement as it only records the expenses incurred and revenues earned

Hence, the first three statements are correct