The beginning capital balance used on the Statement of Owner's Equity is best obtained from
A) the worksheet in the balance sheet credit column.
B) the worksheet in the income statement credit column.
C) the amount calculated on the statement of owner's equity.
D) the general ledger.

Question

Quizplus · Accepted Answer

The beginning capital balance for the Statement of Owner's Equity is best obtained from the general ledger. The general ledger contains all the accounts for recording transactions relating to a company's assets, liabilities, owners' equity, revenue, and expenses, including the detailed record of the owner's capital account.

The Beginning Capital Balance Used on the Statement of Owner's