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A check received doesn't actually go on the "balance sheet" but instead is debited to the cash account. When receiving a check, debit cash and credit the appropriate account for the transaction.
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∙ 11y ago
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What is the different between condlidated balance sheet and acutal balance sheet?
Consolidated balance sheet shows the record of full group of companies while simple balance sheet shows the record of single company.
Is tax a asset or expense and how do I record it in the General journal or balance sheet-?
Tax is an expense, you do not record it in a balance sheet but on the general journal.
What is balnce sheet?
Balance sheet is the record of Assets and Liabilities.
Where would you record acceptances in balance sheet?
Record it as an expense.
Is discount received balance sheet item or not?
It's only treated in income statement, not balance sheet.
Where do you record drawings in the balance sheet?
asset
Where to record drawings in balance sheet?
Drawings are recorded as a reduction of owners equity at equity side of balance sheet.
How do you record goodwill on a balance sheet?
intangible asset
What is the balance sheet equation?
balance sheet is a record of debit and credit entry of account in order to obtain the net profit of the business.
What is the purpose of account receivable?
you can received the account in balance sheet.
What happens when your balance sheet does not balance?
If your double-entry records are correct, a balance sheet will always balance (by definition).ASSETS = LIABILITIES + EQUITYIf it does not balance, check all your entries, since the last balance sheet that did balance. You will find one or more errors to correct. Find and correct all of the errors until the balance sheet balances.
Where do you record a note receivable due in 18 months on a balance sheet?
Investments
