Question Completion Status: QUESTION 3 Permanent accounts carry their balances into the next accounting period. True False QUESTION 4 In preparing a work sheet an adjusted trial balance amount is mistakenly sorted to the wrong work sheet column. Upon completion of the worksheet, the Balance Sheet columns will balance, but with the wrong net income, if the amount sorted in error is: Aliability amount placed in the Income Statement Credit column. A liability amount placed in the Balance Sheet Debit column. An expense amount placed in the Balance Sheet Credit column. A revenue amount placed in the Balance Sheet Debit column. An asset amount placed in the Balance Sheet Credit column QUESTION S The steps performed each reporting period in preparing financial statements, starting with analyzing and recording transactions in the journal and continuing through the post-closing trial balance, is referred to as the ONatural business year. Accounting period. Operating cycle. Closing cycle. Accounting cycle. Save All Anover