In the preceding section, you studied the format of a ledger. The entries need to be classified systematically and accurately or it may not serve the purpose of the Ledger. We’ve gone through 15 journal entry examples and explained how each are prepared to help you learn the art of recording. By now you’d feel […]
If the left side of the accounting equation (total assets) increases or decreases, the right side (liabilities and equity) also changes in the same direction to balance the equation. As expected, the sum of liabilities and equity is equal to $9350, matching the total value of assets. So, as long as you account for everything […]
If there is not enough cash in the reserve fund, the HOA must conduct a special assessment. Many won’t even be able to afford increased dues or pay a large amount at one time, as often happens when there is a special assessment. As a result, this professional can advise the HOA about how much […]
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