When the end-of-period spreadsheet is complete, the Adjustments columns should have
A) total credits greater than total debits if a net income was earned
B) total debits greater than total credits if a net loss was incurred
C) total debits greater than total credits if a net income was earned
D) total debits equal to total credits

Question

Quizplus · Accepted Answer

The adjustments columns in the end-of-period spreadsheet are used to adjust the accounts to their proper balances at the end of the period. These adjustments should result in total debits equaling total credits. If total credits are greater than total debits or vice versa, it would indicate an error in the adjustments or in the accounting records.

When the End-Of-Period Spreadsheet Is Complete, the Adjustments Columns Should