Miller Co. has a net loss for the year, the net loss would be recorded
A) on the credit side of the balance sheet columns of the work sheet.
B) on the debit side of the balance sheet columns of the work sheet.
C) on the debit side of the income statement columns of the work sheet.
D) none of the answers listed.

Question

Quizplus · Accepted Answer

A net loss is recorded on the debit side of the balance sheet columns of the worksheet because it decreases the owner's equity.

Miller Co Has a Net Loss for the Year, the Net