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What is a balance sheet and how is it used?

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What is a balance sheet and how is it used?
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its a sheet where you keep record of your accounting entries. you divide the page into two parts, left and right. left is credit and right is debit. in credit you put things that increase your net income and debit put things that decrease it.
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a statement showing your assets n liabilities at that moment of time. it is not a profit n loss statement where accounting entries are entered
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