Which of the following statements is true of the worksheet?
A)Net income is recorded in the income statement credit column.
B)Net income is recorded in the adjusted trial balance debit column.
C)Net income is recorded in the income statement debit column.
D)Net income is recorded in the balance sheet debit column.

Question

Quizplus · Accepted Answer

Net income is recorded in the income statement debit column because it is a revenue account and increases in revenue are recorded as debits. The income statement includes revenue and expenses to calculate net income, which is then transferred to the balance sheet as an equity account.

Which of the Following Statements Is True of the Worksheet