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No, Sales, as a Revenue Account of the Income Statement, is a temporary account, which should not appear on the post-closing trial balance.
If the account is a joint account with your mother, you and your brother, the surviving joint owners can close the account and share the balance. When the account was opened the three of you should have signed signature cards and all names should be listed as account owners. One or both of you should be able to simply make a withdrawal of the balance and close the account.
we should entry the opening balance to account for total balance ,That adjustment is opening balance control
Capital is also the net asset. This value is the closing capital amount. Just below, there should be a the (Owner's) Equity section where you can find the opening capital value and at the end you can find the closing capital, which should be the same value as the new asset.
No. A revenue account should always show a credit balance.
No, Sales, as a Revenue Account of the Income Statement, is a temporary account, which should not appear on the post-closing trial balance.
If you are not listed as a signer on the account you should receive absolutely no information about that account, including the balance.
If the account is a joint account with your mother, you and your brother, the surviving joint owners can close the account and share the balance. When the account was opened the three of you should have signed signature cards and all names should be listed as account owners. One or both of you should be able to simply make a withdrawal of the balance and close the account.
Cash flow should be more than its opening & closing balance so that it can recover its debts easily
we should entry the opening balance to account for total balance ,That adjustment is opening balance control
Capital is also the net asset. This value is the closing capital amount. Just below, there should be a the (Owner's) Equity section where you can find the opening capital value and at the end you can find the closing capital, which should be the same value as the new asset.
To check your account balance, go to your local bank and ask them to check it for you. They should be able to tell you what your account balance is. Otherwise, if that needs to be done online, log into your local bank's website and you should be able to check your account balance on your own.
No. A revenue account should always show a credit balance.
Debit fund balance and credit encumrances because the reserve for encumbrances need not be closed because it is a balance sheet account.
Rent is not a balance sheet account, it is an expense, hence an income statement account.
The machine should provide you with a receipt showing the balance on your account.
Yes it should. It is possible that the closing stock would be shown as the opening stock with a change in stock value separately which would give the closing stock.