(^Example of a Balance Sheet, made during class)
Balance sheets are really important, day to day information needed and put together to help find the financial position of a person or an organization. On the right side, we have our assets, and on our left we have liabilities. Assets are things that we own and have, and we list the original value along with the assets. Liabilities are things we owe others, and the list of what we owe and how much is provided by the balance sheet. Little things to keep in mind, is that when creating a balance sheet, assets are usually listed by liquidity. Which means how easily or fast the item could be converted into cash. As well double underline total liabilities & equity and total assets. Don’t forget the dollar signs too! Dollar signs are usually placed on the first amount of both assets and liabilities column. As well as the total liabilities & equity and total assets!
acc 11. 