Which of the following accounts most likely would have an amount contained in the Income Statement columns of a work sheet but not in Balance Sheet columns of work sheet?
A)Office Supplies Expense
B)Property Taxes Payable
C)Owner's Capital
D)Withdrawals

Question

Quizplus · Accepted Answer

Office Supplies Expense is a temporary account, which represents expenses incurred during the period, and hence would have an amount in the Income Statement columns but not in the Balance Sheet columns of a work sheet. Property Taxes Payable is a current liability, which would have an amount in the Balance Sheet columns but not in the Income Statement columns. Owner's Capital and Withdrawals are both equity accounts and would have amounts in both the Income Statement columns and the Balance Sheet columns.

Which of the Following Accounts Most Likely Would Have an Amount