The Net Income is entered in the: debit side of the Income Statement section of the worksheet. pcredit side of the Income Statement Section of the worksheet. debit side of post closing Trial Balance. debit column of the Cash Flow Statement. Question 3 2 points Save Which of the following statements is incorrect? The normal balance in the asset account is debit. The normal balance in the liabilities account is credit. The normal balance in the owner's equity account is credit. The normal balance in the cash account is credit. Question 4 2 points Save A chart of an account is a: trial balance. balance sheet. list of ledger accounts. cash flow statement. Question 5 2 points Save A person who prepares and interprets financial reports is called: an accountant. a manager. a auditor. an accounting clerk. Question 6 2 points Save Which of the following statements is incorrect? In a T Account, the left side is debit. In a T Account, the right side is credit. The normal balance in an expense account is debit. The normal balance in a revenue account is debit. Question 7 2 points Save A person who transforms ideas for products or services into a real-world business is: an entrepreneur. a book keeper. an accountant. an auditor. Question 8 2 points Save A two-sided informal chart with the left side representing debit and right side representing credit is known as a: T Account. trial balance. Chart of an Account. balance sheet. Question 9 2 points Save If the current asset total is $30,000 and the current liability total is $20,000, what is the working capital? $30,000. $50,000. $20,000. $10,000. Question 10 2 points Save Which one of the following taxes is contributed to equally by employer and employee? Social Security Tax State Income Tax Federal Income Tax Federal Unemployment Tax