Assuming a normal balance, which of the following is correct concerning the income statement columns of...
Assuming a normal balance, which of the following is correct concerning the income statement columns of the work sheet?
Select one:
a. Assets are shown as debits.
b. Liabilities are shown as debits.
c. The drawing account is shown as a credit.
d. Expenses are shown as debits.
Homework Answers
Expenses are shown as debits in the income statement columns of the work sheet.
Correct option is (d)
Expenses have normal debit balances and these are an integral part of the income statement.
Assets are shown as debits in the balance sheet columns of the work sheet.
Liabilities are shown as credits in the balance sheet columns of the work sheet.
The drawing account is shown as a debit in the balance sheet columns of the work sheet.
Revenues are shown as credits in the income statement columns of the work sheet.
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