Review the following statements and select the ones that are correct regarding s

Question

Review the following statements and select the ones that are correct regarding sorting accounts from the Adjusted Trial Balance columns of a work sheet to the Income Statement and Balance Sheet columns In order to prepare for our last step of completing the worksheet (Check all that apply.) Expense accounts go to the Income Statement Debit column. Liabilities go to the Balance Sheet & Statement of Owner's Equity Credit column. Owner, Withdrawals go to the Balance Sheet & Statement of Owner's Equity Debit column. Owner, Withdrawals go to the Income Statement Debit

Explanation / Answer

Expense accounts go to the Income Statement Debit column. CORRECT. Expenses appear on the income statement and has a debit balance. Liabilities go to the Balance Sheet & Statement of Owner's Equity Credit column. CORRECT. Liabilities do go to the balance sheet in the credit column. Owner, Withdrawals go to the Balance Sheet & Statement of Owner's Equity Debit column. CORRECT. Owner, Withdrawals,will be moved over the the Debit column of the Balance sheet area. Owner, Withdrawals go to the Income Statement Debit column. INCORRECT. Withdrawals do not appear on the income statement.

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