The worksheet for Sharko Co. consisted of five pairs of debit and credit columns. The dollar amount of one item appeared in both the credit column of the income statement section and the debit column of the balance sheet section. That item is

The net loss of the period simply refers to the fact that the company didn't make any profit and instead lost money during the last accounting period.

The net loss should initially have a debit balance, since expenses were larger than revenues. Revenues and profits have a credit balance. Once a net loss is determined, you need to credit the account for the balance amount, remember both sides must be equal.

Something similar happens when you have a profit, only that on the other side. Profits have a credit balance that must be closed by debiting the account.

Tundexi Tundexi · Answer 2 · 2021-12-14T14:32:08+01:00

Net loss for the period is the item that appears in credit column of the income statement and debit column of the balance sheet.

The net loss of the period means that the company did not make any profit, rather, they lose money during the accounting period.

The Net loss for the period appears on the credit column of the income statement section and the debit column of the balance sheet section.

The Net loss does decreases the owner's Equity thus, appears on the debit column of the balance sheet section.

In conclusion, the items describe in this case is known as Net loss for the period.