On a worksheet,the adjusted balance of the Supplies Expense account is extended to:
A) the Income Statement Debit column.
B) the Income Statement Credit column.
C) the Balance Sheet Debit column.
D) the Balance Sheet Credit column.

Question

Quizplus · Accepted Answer

The Supplies Expense account is an expense account, which means it has a natural debit balance. The adjusted balance of the account would therefore be extended to the Income Statement Debit column. This is because the Income Statement shows revenues and expenses, and the balance in the Supplies Expense account represents an expense that needs to be deducted from revenues to calculate net income. The Balance Sheet, on the other hand, shows assets, liabilities, and equity accounts, and the Supplies Expense account is not a balance sheet account.

On a Worksheet,the Adjusted Balance of the Supplies Expense Account