Review the following statements and select the ones that are correct regarding sorting accounts from the Adjusted Trial Balance columns of a work sheet to the Income Statement and Balance Sheet columns In order to prepare for our last step of completing the worksheet. a. Expense accounts go to the Income Statement Debit column. b. Liabilities go to the Balance Sheet & Statement of Owner's Equity Credit column. c. Owner, Withdrawals go to the Balance Sheet & Statement of Owner's Equity Debit column. d. Owner, Withdrawals go to the Income Statement Debit

Question

Computers & Technology

Piper Howe

1 November, 02:09

Review the following statements and select the ones that are correct regarding sorting accounts from the Adjusted Trial Balance columns of a work sheet to the Income Statement and Balance Sheet columns In order to prepare for our last step of completing the worksheet. a. Expense accounts go to the Income Statement Debit column. b. Liabilities go to the Balance Sheet & Statement of Owner's Equity Credit column. c. Owner, Withdrawals go to the Balance Sheet & Statement of Owner's Equity Debit column. d. Owner, Withdrawals go to the Income Statement Debit

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Trystan Baldwin · Answer 1

a. Expense accounts go to the Income Statement Debit column. b. Liabilities go to the Balance Sheet & Statement of Owner's Equity Credit column. c. Owner, Withdrawals go to the Balance Sheet & Statement of Owner's Equity Debit column

Explanation:

As we know that

The trial balance contains debit and the credit column. The debit column records the assets, expenses and the losses whereas the credit column records the revenues, liabilities and the stockholder equity

So, by the above information, the first three statements are absolutely correct whereas the last option is wrong as the withdrawals do not go to the income statement