If the adjusting entry to transfer Net Income and Retained Earnings into the owner's capital account is made prior to the end of the year, the Balance Sheet shows____ .
A)Retained Earnings
B)Net Income
C)Both Net Income and Retained Earnings
D)None of the above because the Net Income and Retained Earnings have been transferred into capital

Question

Quizplus · Accepted Answer

The Answer of If the adjusting entry to transfer Net Income and Retained Earnings into the owner's capital account is made prior to the end of the year, the Balance Sheet shows____ .
A)Retained Earnings
B)Net Income
C)Both Net Income and Retained Earnings
D)None of the above because the Net Income and Retained Earnings have been transferred into capital

If the Adjusting Entry to Transfer Net Income and Retained