Tx Cash Accounts Receivable Supplies Accounts Payable Owner's Capital - Owner's Drawings Revenues Expenses Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. 30,000 30,000 2 1,800 1,800 3 10,000 10,000 4,500 4,500 5 1,250 1,250 16,800 16,800 1,730 1,730 8 4,000 4,000 1,120 1,120 10 7,500 7,500 --------- ||

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.