Question

A loss has a Debit balance and is shown on the balance sheet. A gain has a Credit balance and is shown on the balance sheet. B. A loss has a Debit balance and is shown on the Income Statement. A gain has a Credit balance and is shown on the Income Statement. C. A loss has a Debit balance and is shown on the Income Statement. A gain has a Credit balance and is shown on the Balance Sheet. D. A loss has a Credit balance and is shown on the Income Statement. A gain has a Debit balance and is shown on the Income Statement.

Answer 1

Answer:

A gain has a Credit balance and is shown on the Income Statement. C. A loss has a Debit balance and is shown on the Income Statement.

Explanation:

As we know that the revenues and gains contains the normal credit balance while on the other hand the expenses and losses contains the normal debit balance and both are reported on the income statement

The gain would be reported on the credit side of the income statement and the loss would be reported on the debit side of the income statement

So the same is relevant too