college bookkeeping

posted by .

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.

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. Business Environment and Recording Transactions

    Give an example of a business transaction that has the described effect on the accounting equation: Increase an asset and increase a liability. Increase one asset and decrease another asset. Decrease an asset and decrease owner's equity. …
  2. accounting I

    The general manager of a business encounters many different types of business transactions. Provide an example of a transaction that would describe the effect on the accounting equation. Each situation is independent of the other situations. …
  3. HELP

    The general manager of a business encounters many different types of business transactions. Provide an example of a transaction that would describe the effect on the accounting equation. Each situation is independent of the other situations. …
  4. accountingI

    how will the fundemantal accounting equtation (assets=liabilities+owners equity) change if supplies are purchased on account?
  5. HELP ME PLEASE

    how will the fundemantal accounting equtation (assets=liabilities+owners equity) change if supplies are purchased on account?
  6. ACCOUNTING

    ANSWER THIS SURVEY ASAP: 1. A compound entry in the general journal is made to close expense accounts. True False 2. The entry to transfer net income to the owner's capital account would include a debit to the owner's capital account. …
  7. accounting

    The general manager of a business encounters many different types of business transactions. Provide an example of a transaction that would describe the effect on the accounting equation. Each situation is independent of the other situations. …
  8. accounting

    Wilson Reed, the bookkeeper for Home Interior Improvements and Designs Company, has just finished posting the closing entries for the year to the ledger. He is concerned about the following balances: Capital account balance in the …
  9. Accounting

    A credit to a liability account was posted to an owner's equity account. This would cause __________. A. assets to be overstated B. liabilities to be understated C. owner's equity to be understated D. net income to be overstated i …
  10. bookkeeping

    Worksheet (Use the information from the trial balance in Exam Figure 2. Write the worksheet information on the form in Exam Figure 1.) You’ll need the following adjustment information: a. P. Woodsley counted the supplies on May 31 …

More Similar Questions