In which of the columns of the worksheet would Net Income be found?
A)Under the trial balance credit column, the adjusted trial balance credit column and the balance sheet credit column
B)Under the trial balance debit column, the adjusted trial balance debit column and the balance sheet debit column
C)Under the balance sheet debit column and the income statement credit column
D)Under the balance sheet credit column and the income statement debit column

Question

Quizplus · Accepted Answer

Net Income is a component of the Income Statement, so it would be found under the Income Statement debit column. It is also a part of owner's equity on the Balance Sheet, so it would be found under the Balance Sheet credit column. Therefore, the correct option is D, which includes both the Balance Sheet credit column and the Income Statement debit column.

In Which of the Columns of the Worksheet Would Net