By: Ardi
In the sample above, why the Accounts Receivable, which is $0, must be stated or written in the report?
View ArticleBy: admin
Ardi, Accounts with a zero balance are not required to be stated on any of the financial reports. I included it on the Trial Balance here only because I had given examples that involved the Accounts...
View ArticleBy: John
Does trial balance have to zero balance? Because from my understanding that at the end it gives you Net Incomce (G/L) and it is in Income statment and goes to Balance sheet. Please clarify. Thanks
View ArticleBy: admin
The Trial Balance must have a zero balance because it includes all financial accounts and their balances and in double entry accounting debits must always equal credits. The Trial Balance shows...
View ArticleBy: john
What about retained earnings, won’t that be in Balance sheet every month? If it is not in BS then how can balance sheet balance without it? Sorry if I am talking basic accounting.
View ArticleBy: admin
The purpose of this site is basic accounting, I am pleased to have questions to answer. The Balance Sheet doesn’t actually balance until net income is posted to retained earnings at the end of the...
View ArticleBy: Yogi
This website was a real situation saver. I am a student, was searching for material that could easily illustrate concepts, and lo behold, here it was on your website…:) With much appreciation ! Thanks !
View ArticleBy: Francis Larocque
You’ve done a great job! All this complex information is so well explained. Even though I’m a professional accountant, I learned quite a few interesting things by reading those articles. I can’t wait...
View ArticleBy: carol
Just wanted to say ‘Ditto’ to yogis comment! I to was looking for a site that explained all & here it is. Many thanks-this will be such a great help to me:) cheers.
View ArticleBy: Tiffany
Wow that was odd. I just wrote an really long comment but after I clicked submit my comment didn’t appear. Grrrr… well I’m not writing all that over again. Anyways, just wanted to say wonderful blog!
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