Which of the following is true of a completed worksheet?
A)The total debits equal the total credits in each column.
B)The total debits in the income statement column equal the total credits in the balance sheet column.
C)The total debits in the income statement column equal the total debits in the balance sheet column.
D)The total debits in the trial balance column equal the total debits in the adjusted trial balance column.

Question

Quizplus · Accepted Answer

A completed worksheet should have total debits equal to total credits in each column, as it is a tool used to ensure that the accounting equation (assets = liabilities + equity) remains in balance. Option B is incorrect because income statement and balance sheet columns cannot be compared in terms of debits and credits. Option C is incorrect because income statement and balance sheet columns can have different debit and credit totals due to their different purposes. Option D is incorrect because a completed trial balance should have equal debit and credit totals, regardless of whether it is adjusted or unadjusted.

Which of the Following Is True of a Completed Worksheet