Which of the following columns of the worksheet are referred to when preparing closing entries to the Income Summary?
A) Adjusted trial balance columns
B) Balance sheet columns
C) Adjustments columns
D) Income statement columns

Question

Quizplus · Accepted Answer

The Income Summary is used to transfer the balances of temporary accounts (revenues, expenses, dividends) to permanent accounts. The income statement columns of the worksheet contain the revenue and expense account balances that are necessary for preparing closing entries to the Income Summary.

Which of the Following Columns of the Worksheet Are Referred