Posted by salsa:) on Monday, November 19, 2012 at 10:39pm.
You would be correct in assuming A or C if the question is reffering to the transaction analysis. The question reffers to "for a period". This would mean that the question is reffering to transfering the net income to the financial statements. The only financial statement that does not look for a balance between assets and liabilities plus owners equity is the Statement of Owner's Equity. So the answer would be C. an owners equity account.
Related Questions
accounting - The general manager of a business encounters many different types ...
accounting I - The general manager of a business encounters many different types...
HELP - The general manager of a business encounters many different types of ...
xacc 280 - I just need an example • What increases the Asset account, a ...
accounting - The transaction would decrease one liability account and increase ...
Accounting - the transaction would decrease one liability account and increase ...
Accounting - purchases account is classified as: a. an expense account b. an ...
Math accounting - The following selected transactions were completed by Pilgrim ...
ACCOUNTING - ANSWER THIS SURVEY ASAP: 1. A compound entry in the general journal...
Accounting - What account class would cash prize payment be under? A. Operating ...
For Further Reading
