Assuming a normal balance, which of the following is correct concerning the income statement columns of the work sheet?
A) Assets are shown as debits.
B) Liabilities are shown as debits.
C) The drawing account is shown as a credit.
D) Expenses are shown as debits.

Question

Quizplus · Accepted Answer

Expenses are typically shown as debits on the income statement column of a worksheet. This is because expenses are considered to have a debit balance, meaning that they increase when debited and decrease when credited. The income statement column of a worksheet is used to calculate the net income or loss of a company, and is typically broken down into revenue and expense categories. By showing expenses as debits in this column, it makes it easier to calculate the net income or loss by subtracting total expenses from total revenues.

Assuming a Normal Balance, Which of the Following Is Correct