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 correct answer is net loss for the period

net loss for the period

Explanation:

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.