Answered: totals of the debit and credit columns…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Multiple choice 1. After all the account balances have been extended to the balance sheet columns of the worksheet, the totals of the debit and credit columns are 25,350 and 28,750 respectively. It can ve concluded the company has a: A. Net income of 3,400 B. Net loss of 3,400 C. 54,100 net loss D. 54,100 net income 2. An error has been made on the worksheet if: A. The trial balance columns and the adjusted trial balance columns are not equal B. The income statement columns do not equal the balance sheet columns C. The adjusted trial balance debit column and credit column do not equal D. All of the above indicate an error has been made on the worksheet

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