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Our accounting cycle ends 12/31/year and closing entries are made then. If I run a Balance Sheet early, say on 11/1/year, will the temporary account information (eg. office expense) automatically show up in the Balance Sheet? Or, will it only become part of the Balance Sheet if I were to make a journal entry transferring the temporary account (office expense) to the Liability account on 11/1/year? In order to make my Balance Sheet accurate as of 11/1/year. Thank you Community for always having great responses. Be well-Student ABC.
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Anytime you run a balance sheet, current earnings (the bottom line on your current year's P&L) will appear on the balance sheet as Net Income and all prior earnings will appear as Retained Earnings.
I see it! That's great - Thank you so much!
Anytime you run a balance sheet, current earnings (the bottom line on your current year's P&L) will appear on the balance sheet as Net Income and all prior earnings will appear as Retained Earnings.
I see it! That's great - Thank you so much!
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