The Income Statement and Balance Sheet Columns of Iron and Wine

question 158

Multiple Choice

The income statement and balance sheet columns of Iron and Wine Company's worksheet reflect the following totals: $\begin{array}{ll}&\text { Income Statement }&&\text { Balance Sheet }\\&\text { Dr. }&\text { Cr. }&\text { Dr. }&\text { Cr. }\\\text { Totals }&\$72,000&\$48,000&\$60,000&\$84,000\\\end{array}$ To enter the net income (or loss) for the period into the above worksheet requires an entry to the

• A) income statement debit column and the balance sheet credit column.
• B) income statement credit column and the balance sheet debit column.
• C) income statement debit column and the income statement credit column.
• D) balance sheet debit column and the balance sheet credit column.

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Definitions:

Aminoacyl-tRNA Synthetases

Enzymes that play a crucial role in protein synthesis by attaching the appropriate amino acid to its corresponding transfer RNA (tRNA).

Covalent Bonds

Chemical bonds formed by the sharing of one or more pairs of electrons between atoms, contributing to molecule stability.

tRNA

Transfer RNA (tRNA) is a type of RNA that helps decode a messenger RNA (mRNA) sequence into a protein during protein synthesis.

Adenine Nucleotides

Organic molecules that form the building blocks of DNA and RNA and include adenine as their base, playing a key role in energy transfer within cells.