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Level 3

Accounting Cycle and Balance Sheet

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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Best answer April 24, 2020

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Level 9

Accounting Cycle and Balance Sheet

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.

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Highlighted
Level 3

Accounting Cycle and Balance Sheet

I see it! That's great - Thank you so much!

View solution in original post

2 Comments 2
Highlighted
Level 9

Accounting Cycle and Balance Sheet

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.

View solution in original post

Highlighted
Level 3

Accounting Cycle and Balance Sheet

I see it! That's great - Thank you so much!

View solution in original post

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