Accounting, true or false?

Question

Amounts from the trial balance section are first extended to the balance sheet section?

true or false?

thanks

Answer 1

False. Amounts from the TB are first extended to the income statement section of the worksheet to determine the net income, which is entered at the bottom, then the net income amt. is needed to balance the balance sheet section later. The worksheet at the link will clarify this for you.

Answer 2

false , accounts from the trial balance section are first extended to the income statement section

Answer 3

Look at a trial balance and then look at a balance sheet. Geez, True. On a trial balance your assets, then liabilities, equity, income, then expense. You'll also notice that your chart of account is the same way and any numbers you use will reflect where on the trial balance they are like 1000's for asset, 2000's for liabilities, and on and on. Maybe that will help you remember.