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Which the income statement debit column of the worksheet

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Reference no: EM133007200

Problem 1: If the income statement debit and credit columns are not equal after adding the respective columns,

a. an error has been made.

b. the entity either generated a profit or incurred a loss.

c. the entity generated a profit.

d. the entity incurred a loss.

e. the liabilities must exceed the assets.

Problem 2: The Income Statement Debit column of the worksheet contains

a. asset account balances.

b. expense account balances.

c. contra asset account balances.

d. liability account balances.

e. revenue account balances.

Reference no: EM133007200

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