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Balance Sheet Question

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I'm creating a balance sheet from scratch. 1. Is it true that on a balance sheet, Total Assets must equal Total Liabilities and Owner's Equity? 2. Let's say on the Assets side of the balance sheet I have $1,000 in cash, and $10,000 in Account Receivable Let's say on the Liabilities and Owner's Equity side of the balance sheet I have $100 in Accounts Payable. What other entries do I use on the "Liabilities and Owner's Equity" side to make it balance with the $11,000 I have on the Assets side? All the options for the entries on the Liabilities and Owner's Equity side are listed below. Let me know what I would do in this example to balance out the balance sheet. Current Liabilities Accounts payable Short-term loans Income taxes payable Accrued salaries and wages Unearned revenue Current portion of long-term debt Total current liabilities Long-Term Liabilities Long-term debt Deferred income tax Other Total long-term liabilities Owner's Equity Owner's investment Retained earnings Other
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Greetings! I am qualified Accountant, Certified Quickbook ProAdvisor and hold dual degrees in Commerce and Law. I have completed Level II of ICAI (Equivalent to ACCA/CPA) and also a member of the Institute of Company Secretaries of India. I have nine years of experience in accounting. I will solve your questions listed in the project. Thank you.
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Bendera UNITED STATES
Los Altos, United States
5,0
331
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Anggota sejak Des 16, 2010

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