The Balance Sheet credit column of the work sheet would include which of the following account(s)?
A) assets, drawing
B) expenses
C) accumulated depreciation, liabilities, capital
D) revenue

Question

Quizplus · Accepted Answer

The Balance Sheet credit column of the work sheet includes accumulated depreciation, liabilities, and capital because these are all items that increase on the credit side of the balance sheet.  Assets may also be included in the credit column if there are decreases in certain asset accounts (e.g. contra-asset accounts like accumulated depreciation). Drawing and revenue accounts are both used in the Income Statement section of the work sheet and are not included in the Balance Sheet credit column. Expenses are also used in the Income Statement section and do not belong in the Balance Sheet column.

The Balance Sheet Credit Column of the Work Sheet Would