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Which type of debit account is balanced in the income statement columns of a work sheet? Liabilities, salaries and wages expense, stockholders equity, revenue

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)

22nd Edition

ISBN:9781305666160

Author:James A. Heintz, Robert W. Parry

Publisher:James A. Heintz, Robert W. Parry

Chapter14: Adjustments And The Work Sheet For A Merchandising Business

Section: Chapter Questions

Problem 7RQ

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Question

Which type of debit account is balanced in the income statement columns of a work sheet?

Liabilities, salaries and wages expense, stockholders equity, revenue

Definition Definition Assets available to stockholders after a company's liabilities are paid off. Stockholders’ equity is also sometimes referred to as owner's equity. A stockholders’ equity or book value generally includes common stock, preferred stock, and retained earnings and is an indicator of a company's financial strength.

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