Which of the following is correct concerning the work sheet?
A) Assets are shown as credits in the adjusted trial balance columns.
B) Capital is shown as a credit in the balance sheet columns.
C) Revenues are shown as credits in the balance sheet columns.
D) Liabilities are shown as credits in the income statement columns.

Question

Quizplus · Accepted Answer

Capital is shown as a credit balance in the balance sheet columns of the worksheet because it represents the owner's claims to the assets of the business. Assets are typically shown as debit balances, revenues as credit balances, and liabilities as credit balances. Therefore, options A, C, and D are incorrect.

Which of the Following Is Correct Concerning the Work Sheet