Which of the items below would appear in the Income Statement columns of the work sheet?
A) Equipment
B) Unearned Fees
C) Prepaid Expense
D) Net Loss

Question

Quizplus · Accepted Answer

Only Net Loss would appear in the Income Statement columns of the work sheet, as it represents the expense incurred during the accounting period. Equipment, Unearned Fees, and Prepaid Expense are all balance sheet accounts and their balances would be shown in the Balance Sheet columns of the work sheet.

Which of the Items Below Would Appear in the Income