If the total credits exceed total debits in the Income Statement columns of the work sheet, the business has had a net loss.
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Q2: The matching of assets and expenses of
Q4: A contra-asset is deducted from the related
Q4: Under the modified cash basis of accounting,adjustments
Q5: A contra-asset has a debit balance.
Q6: Adjusting entries affect only the owner's equity
Q9: The book value of a plant asset
Q10: A contra-asset appears on the income statement.
Q12: A manual work sheet is usually prepared
Q13: The income statement reports earnings on a
Q15: When an account balance is not affected
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