When the end-of-period spreadsheet is complete,the adjustment columns should have
A) total credits greater than total debits if a net income was earned
B) total debits greater than total credits if a net loss was incurred
C) total debits greater than total credits if a net income was earned
D) total debits are equal to total credits

Question

Quizplus · Accepted Answer

The purpose of the adjustment columns is to make sure that the accounts are up-to-date and the debits and credits balance. Therefore, the total debits should always match the total credits, regardless of whether a net income or loss was incurred.

When the End-Of-Period Spreadsheet Is Complete,the Adjustment Columns Should Have