Reference no: EM133007203

Problem 1: The amount of profit will appear on the debit side of the Income Statement columns on a worksheet,

a. if profit exceeds the owner's withdrawals.

b. if total assets exceeded total liabilities for the period.

c. if total expenses exceeded total revenue for the period.

d. if total revenue exceeded total expenses for the period.

e. if withdrawals have been made during the period.

Problem 2: If total credits exceed total debits in the Balance Sheet columns of a worksheet, ______.

a. a loss has occurred.

b. a mistake has been made.

c. a profit has occurred.

d. assets exceed liabilities.

e. no conclusion can be drawn until the closing entries have been made.