Which of the following statements is TRUE about the worksheet?
A) Net income is recorded in the income statement credit column.
B) Net income is recorded in the adjusted trial balance debit column.
C) Net income is recorded in the income statement debit column.
D) Net income is recorded in the balance sheet debit column.

Question

Quizplus · Accepted Answer

Net income is recorded in the income statement debit column because it is an expense account that reduces the overall net income of the business. The income statement includes revenue and expenses, and the difference between them is the net income or net loss.

Which of the Following Statements Is TRUE About the Worksheet