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March 30, 2017

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you would transfer the net profit for a period to?
a. an asset account
b. a liability account
c. an owner's equity account
d. to the general ledger
I am stumped!! seems to me it could be a or c????

  • college bookkeeping - ,

    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.

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