Question

If total credits exceed total debits in the Balance Sheetcolumns of a work sheet,Select...

If total credits exceed total debits in the Balance Sheet columns of a work sheet,

Select one:

a. a mistake has been made.

b. a net income has occurred.

c. assets exceed liabilities.

d. no conclusion can be drawn until the closing entries have been made.

e. a net loss has occurred.

4 1

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daisylen guijaro Tue, Dec 7, 2021 12:06 AM

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Answer #1

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If total credits exceed total debits in the Balance Sheet columns of a worksheet, then we can say that total assets exceed liabilities, Since debit side of balance sheet is Liability column and Credit side of balance sheet is asset column.

Hence the answer for this question is option c. asset exceed liabilities

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Answer #2

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A net loss has occurred. I have the answer from homework. I came here hoping for the reasoning, but I noticed u were given a false answer.
source: Pearson
answered by: Anthony García
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Answer #3

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E. Net loss has occurred The difference between expense and revenue whether profit or loss is forwarded to the capital account or owner's equity in the balance sheet column. If it's a profit, meaning revenue > expense. If it's a loss, means revenue < expense. What's the normal balance for revenue? Credit. For expense? Debit. Therefore, we forward the balance to the debit side in the balance sheet column. It's a loss so we have to deduct it.
source: BFAR
answered by: Mika
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