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I've got a great problem in Bank reconcilliation; I do not know what to add or substract in the reconcilliation statement.My dad, my brother and my Accounting teacher have thought me it million times but I never got it. Please HELP!
the accounts with a balance are assets, and liabilities the closed accounts with an amount transferred to the income statement are expenses and income, however if the expenses or income accounts are accrued or prepaid atthe year endthen they will have a balance thatis transferred to the balance sheet as an asset or liability for example if there is a prepaid expense it means that the business has paid for something that it didnt receive its service yet and so is an asset (something the business owns) and the b/d on that expense account will of course be on the debit side like all assets
yes! ive got the same question.
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