To enter the net income (or loss) for the period into the above worksheet requires an entry to the

Question

Quizplus · Accepted Answer

Net income (or loss) is entered in the income statement credit column and the statement of financial position debit column. This is because net income (or loss) is a credit entry in the income statement and is transferred to the statement of financial position as a debit entry in the retained earnings or accumulated losses account.

To Enter the Net Income (Or Loss) for the Period