Transaction analysis and the accounting equation have been used to record several transactions for a company.The transactions are now recorded on a multi-column spreadsheet.When preparing a balance sheet with this spreadsheet,which column(s)would be used?
A)final balances of asset columns only
B)final balances of liability columns only
C)final balances of stockholders' equity columns only
D)all of the above

Question

Quizplus · Accepted Answer

All of the columns would be used in preparing a balance sheet. The balance sheet shows the final balances of assets, liabilities, and stockholders' equity. Therefore, all columns, including asset, liability, and stockholders' equity columns, would be used to prepare the balance sheet.

Transaction Analysis and the Accounting Equation Have Been Used to Record