School Balance Sheet Assignment

by Hazelann

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.

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Dec 08, 2017
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.

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