Amal can never remember which accounts belong on the balance sheet and which accounts belong on the

Question:

Amal can never remember which accounts belong on the and which accounts belong on the income statement. Provide Amal with an explanation that will help her remember what to do.
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...