Which of the following financial report(s) reflect the effects of debit and credit General Journal entries used in payroll accounting? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.)
A)Income Statement
B)Trial Balance
C)Balance Sheet
D)Labor Distribution Report

Question

Quizplus · Accepted Answer

The Income Statement reflects payroll expenses, the Trial Balance shows all accounts including payroll-related ones, and the Balance Sheet reflects liabilities and assets affected by payroll entries. The Labor Distribution Report is not a financial report.

Which of the Following Financial Report(s) Reflect the Effects of Debit