In Which of the Columns of the Worksheet Would Net

question 205

Multiple Choice

In which of the columns of the worksheet would Net Income be found?

• A) the unadjusted trial balance credit column, the adjusted trial balance credit column, and the balance sheet credit column
• B) the unadjusted trial balance debit column, the adjusted trial balance debit column, and the balance sheet debit column
• C) the balance sheet debit column and the income statement credit column
• D) the balance sheet credit column and the income statement debit column

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Definitions:

General Ledger Accounts

The comprehensive set of accounts that record all financial transactions of a business, summarized in the general ledger.

Owner's Capital

The amount of equity a business owner has invested in the company, representing the owner's stake or ownership interest.

General Journal

A primary accounting record where all types of financial transactions are initially recorded using the double-entry bookkeeping method.

Adjusting Entries

Journal entries made at the end of an accounting period to update account balances before financial statements are prepared.