School Balance Sheet Assignment

by Hazelann
(Grenada)

School Balance Sheet Assignment

School Balance Sheet Assignment

I have a school balance sheet assignment that I need help with. I would like to know why my balance sheet is not balancing.

Comments for School Balance Sheet Assignment

Average Rating starstarstarstarstar

Click here to add your own comments

Dec 08, 2017
Rating
starstarstarstarstar
Balance Sheet Not Balancing
by: Stephanie

Thank you for asking your question about your school balance sheet assignment. As you are aware, the balance sheet should always balance via the equation assets = liabilities + owner's equity.

If the balance sheet is not balancing, you will need to review each individual piece of the equation to make sure everything is showing up and accounted for correctly.

With assets, there could be a problem with the bank balance if monthly reconciliations have not been done, or with A/R if payments have not been applied correctly, or with Fixed Assets that have not been depreciated correctly, etc..

With liabilities, the A/P could have problems with posting of payments, or credit cards need to be reconciled, or loans principal and interest need to be reconciled.

With Equity, beginning owner's equity needs to reviewed and accounted for, owner's contributions and withdrawals, and closing entries could be issues.

Click here to add your own comments

Join in and write your own page! It's easy to do. How? Simply click here to return to Balance Sheet Questions.


Please subscribe to my monthly newsletter, Bookkeeping Basics E-zine. It tells you each month about the new information that I have added, including some great tips and advice from myself and other Bookkeeping Basics readers.


Enter Your E-mail Address
Enter Your First Name (optional)
Then

Don't worry — your e-mail address is totally secure.
I promise to use it only to send you Bookkeeping Basics E-Zine.

Like Bookkeeping-Basics.net?