All of the following statements regarding the Income Statement columns on the worksheet are true except:
A) The difference between the totals of the Income Statement columns is net income or net loss.
B) The balances in the Income Statement debit column are expenses.
C) The balances in the Income Statement credit column are unearned revenues.
D) The balances in the Income Statement credit column are revenues.
E) The net income or net loss from the Income Statement columns is entered in the Balance Sheet & Statement of Owner's Equity columns.

Question

Quizplus · Accepted Answer

The balances in the Income Statement credit column are not unearned revenues, but rather they represent revenues earned during the period.

All of the Following Statements Regarding the Income Statement Columns