Assuming that there is a loss for the period, which column will the loss balance be entered in?
A) income statement credit column
B) adjustment credit column
C) trial balance debit column
D) adjusted trial balance debit column

Question

Quizplus · Accepted Answer

The loss balance will be entered in the income statement credit column because losses decrease net income and are therefore recorded as credits on the income statement.

Assuming That There Is a Loss for the Period, Which