In preparing a worksheet, assume you have just extended the adjusted account balances to the income statement and balance sheet columns. If no errors are made, which columns would you expect to have equal debit and credit amounts at this point?

Question

Quizplus · Accepted Answer

The difference between the debit and credit columns in the income statement is the difference between total revenues and total expenses (net income or net loss). The net income or net loss must be the amount by which the debit and credit columns in the balance sheet differ.

In Preparing a Worksheet, Assume You Have Just Extended the Adjusted