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REPORTING A CHANGED ACCOUNTING EQUATION ON A BALANCE SHEET.

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Presentation on theme: "REPORTING A CHANGED ACCOUNTING EQUATION ON A BALANCE SHEET."— Presentation transcript:

1 REPORTING A CHANGED ACCOUNTING EQUATION ON A BALANCE SHEET

2 Balance Sheet Preparation A balance sheet can be prepared at anytime to report information about the assets, liabilities, and owner’s equity. Most businesses prepare a Balance Sheet once a month. When one side of a balance sheet is longer on one side than the other, an adjustment is made to make sure the totals of the two sides are on the same line.

3 5.Add and compare the totals. BALANCE SHEET PREPARATION 5 1 3 4 2 6 1.Write the heading. 2.Prepare the assets section. 3.Prepare the liabilities section. 4.Prepare the owner’s equity section. 6.Rule single lines. 7.Write the totals. 8.Rule double lines. 8 Lesson 2-2, page 30

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