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A balance sheet is meant to depict the total assets, liabilities, and. When setting up a balance sheet, you should order. Adjust entries in the general journal. Web how to prepare a basic balance sheet 1. Property, plant, and equipment (also. Determine the reporting date and period. Web components of a balance sheet assets. Adjusting journal entries is necessary before preparing the four basic financial statements, including the. Web 4 tasks to complete before preparing a balance sheet. Assets are any resources your company owns that holds value. Web how the balance sheet is structured current assets. The most liquid of all assets, cash, appears on the first line of the balance sheet. A liability is money that. Web here is the general order of accounts within current assets: