223476 - Expenses Paid: 0 -11260 -10300 -14567 ... -52830 = Closing A/P Bal: 30268 47936 81634 118617 ... 278344 There is only one other important balance sheet item which we cannot ignore. That is ...
In other words, the balance sheet must balance. Subtracting liabilities from assets shows the net worth of the business A basic tenet of double-entry bookkeeping is that total assets (what a ...
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