If the Balance Sheet and Statement of Owner's Equity columns of a work sheet fail to balance when the net income is added to the Balance Sheet and Statement of Owner's Equity Credit column,the cause could be:
A)An expense entered in the Balance Sheet and Statement of Owner's Equity Debit column.
B)A revenue entered in the Balance Sheet and Statement of Owner's Equity Credit column.
C)An asset amount entered in the Income Statement and Statement of Owner's Equity Debit column.
D)A liability amount entered in the Income Statement and Statement of Owner's Equity Credit column.
E)An expense entered in the Balance Sheet and Statement of Owner's Equity Credit column.

Question

Quizplus · Accepted Answer

An expense entered in the Balance Sheet and Statement of Owner's Equity Credit column would incorrectly increase the credit side, causing an imbalance.

If the Balance Sheet and Statement of Owner's Equity Columns