In the Process of Completing a Work Sheet,the Accountant Determines

question 35

Multiple Choice

In the process of completing a work sheet,the accountant determines that the Income Statement debit column totals $83,000,while the Income Statement credit column totals $65,000.To enter net income (or net loss) for the period into the work sheet would require an entry to

• A)the Adjustments debit column and the Adjustments credit column.
• B)the Unadjusted Trial Balance debit column and the Adjustments credit column.
• C)it is not practical to enter Net Income (or Net Loss)on the work sheet.
• D)the Balance Sheet & Statement of Owner's Equity debit column and the Income Statement credit column.
• E)the Income Statement debit column and the Balance Sheet & Statement of Owner's Equity credit column.

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Definitions:

Fair Deal

A set of proposals put forward by U.S. President Harry S. Truman to Congress in 1949 aimed at improving social welfare and civil rights.

Harry S. Truman

The 33rd President of the United States, serving from 1945 to 1953, known for implementing the Marshall Plan and leading the country through the end of World War II.

Federal Health Insurance

A government-provided insurance scheme designed to offer health coverage to citizens, typically funded through taxes, examples include Medicare and Medicaid in the United States.

Bracero Program

A series of agreements between the United States and Mexico, allowing Mexican laborers to work temporarily in the U.S. agricultural sector from 1942 to 1964.