Final Review 6

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All liability accounts are listed in the credit column of the Income Statement section.

The work sheet is a working paper and is prepared in pen.

A net loss decreases the balance in the owner's capital account.

Account titles are listed on the work sheet in alphabetical order

A trial balance is prepared after posting is completed.

To locate a trial balance error, the first step is to check the postings from the journal to the individual ledger accounts.

An error discovered before posting is usually corrected with a journal entry.

A work sheet always covers a period of one month.