On a worksheet,the adjusted balance of a contra asset account would be extended to
A) the Balance Sheet Debit column.
B) the Balance Sheet Credit column.
C) the Income Statement Debit column.
D) the Income Statement Credit column.

Question

Quizplus · Accepted Answer

Contra assets have credit balances, which means they reduce the balance of the related asset account. Therefore, the adjusted balance of a contra asset account would be extended to the Balance Sheet Credit column. This is because on the balance sheet, asset accounts are listed on the debit side and contra asset accounts are listed on the credit side.

On a Worksheet,the Adjusted Balance of a Contra Asset Account