USA Interest Expense causing imbalance on Balance sheet


A

ArlBoyd

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What is missing? I would say Retained Earnings/Accumulated Deficit but wouldnt that also go on the trial balance? Thanks!

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kirby

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The trial balance on the right is correct. And the balance sheet on the left is correct. Reason is trial balance shows all accounts BEFORE you close current period p&l accts to retained earnings. Balance sheet shows balance sheet accts AFTER you close p&l accts to retained earnings.
 
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