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What probably the last account to be listed on post-closing

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Problem 1: When an entity has earned a profit, the profit amount is entered on the work sheet on the

a. debit side of the Income Statement columns and the credit side of the Balance Sheet columns.

b. credit side of the Income Statement columns and the debit side of the Balance Sheet columns.

c. debit side of both the Income Statement and the Balance Sheet columns.

d. credit side of both the Income Statement and the Balance Sheet columns.

Problem 2: Probably the last account to be listed on a post-closing trial balance would be

a. Salaries Payable.

b. Salaries Expense.

C. Owner's Capital.

d. Income Summary.

Reference no: EM132809711

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