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KF
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Thanks Tact, but my question wasn’t regarding journals but the year end balance sheet.

Business name registrations could arguably be intangible current assets (in the same way that a trademark is), but yes, it is an expense. Office consumables certainly are an expense too.

So, how do you make your year end balance sheet make sense and actually balance your owner’s claim on the business, against assets when you have none?

You would need to balance $150 of owner equity on the liabilities side against assets somehow.

Is it simply done by recording negative retained earnings, i.e. a loss of $150 so both sides are zero?

That’s what I really wanted to know I guess :)