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debit column of the income statement and the credit column of the balance sheet.

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โˆ™ 2011-08-05 07:22:42
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Q: Is net income recorded on the worksheet in the Income Statement Debit column and the Balance Sheet Credit column?
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Related questions

The income statement and balance sheet columns of Pine Company's worksheet reflects the following totals?

income statement credit column and the balance sheet debit column

What is statement balance on your credit card?

the statement balance is nothing more than the balance of your card at the time the statement was printed.

Is accrued expenses a debit or credit balance?

Debit in your Income statement credit in your balance sheet.

Reginald's credit card statement states that his balance is 550 What does the term balance mean?

The 'balance' of his statement is the monetary value of his account with the credit card company. In this case it is the amount he owes the company.

How can a credit card balance be checked?

Your credit card statement in the mail. You can also check your credit card statement online. Just log into your account and you will see your account balance. You can even pay your credit card bill online.

The cash account has a credit balance Which statement is true?

what are the choices?!

When might someone see 'credit card 0 balance transfer' on their statement?

'Credit Card 0 Balance Transfer' would appear on your credit card statement if your credit card is paid off in full. This means that you do not have to transfer any money from your bank account to pay off your credit card balance.

What is true if the income statement debit column exceeds income statement credit column on a worksheet?

That would indicate that the company has made a loss.

Which side of trial balance you write drawings?

Withdrawals are recorded on the credit side of the trial balance.

Do you pay the statement balance of your credit card or balance every month?

No, I don't maintain my records that well.

What is the relationship between balance sheet and trial balance?

A balance sheet or statement of financial position is a summary of the financial balances of a sole proprietorship, a business partnership or a company. Trial balance lists the debit, credit accounts for a given ledger for a month. Trial balance is created in two columns one with all the debit balances and the other with all the credit balances. If the total of the debit column does not equal the total of the credit column then there is an error in the ledger accounts. The assets, expenses will be recorded under the debit balances. Liabilities, equity and revenue will be recorded under the credit balances.

Is Depreciation Expense is reported on the balance sheet as an addition to the related asset?

No depreciation expense is recorded in the income statement. As you know though every debit needs a corresponding credit so for the amount of the debit to depreciation expense in the income statement there is a corresponding credit to accumulated depreciation in the balance sheet. Which is a reduction of a fixed asset or more of a contra account to the fixed asset account. So you'd have the fixed asset cost, a debit balance, and an accumulated depreciation account, a credit balance. These two accounts when combined represent your net book balance of your fixed assets.

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