Century 21 Accounting General Journal
11th Edition
ISBN: 9781337680059
Author: Gilbertson
Publisher: Cengage
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Which type of debit account is balanced in the income statement columns of a work sheet?
Liabilities, salaries and wages expense, stockholders equity, revenue
The net income or net loss reported on the income statement must be the same as the net income or net loss calculated on the work sheet.
True or false?
What is the difference between:
Salaries and wages expense on the income statement
And
Salaries and wages payable in the balance sheet?
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- ANALYSIS OF NET INCOME OR NET LOSS ON THE WORK SHEET Indicate with an X in which columns. Income Statement Debit or Credit or Balance Sheet Debit or Credit, a net income or a net loss would appear on a work sheet.arrow_forwardWhat is the purpose of the Income Summary account? How does it relate to the revenue and expense accounts?arrow_forwardOn the work sheet, Accumulated Depreciation, Equipment would be recorded in which of the following columns? a. Adjusted Trial Balance, Credit b. Income Statement, Debit c. Balance Sheet, Debit d. Income Statement, Creditarrow_forward
- On the work sheet, assets are recorded in which of the following columns? a. Trial Balance, Credit b. Income Statement, Debit c. Balance Sheet, Debit d. Adjusted Trial Balance, Creditarrow_forwardThe employment income of an individual is reported on ________ slip, while investment income are reported on _________ or _________ slips.arrow_forwardWhat is the fees earned and net income of this income statement?arrow_forward
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