Insurance expense does not go on the balance sheet because it reflects a specific amount you have spent, rather than an asset or liability at a particular moment in time.

Accumulated depreciation is the total amount of depreciation expense recorded for an asset on a company's balance sheet. It is calculated by summing up the depreciation expense amounts for each ...

Learn how accounts payable are recorded on a balance sheet, why they’re classified as liabilities and their role in managing ...

The P&L reflects income and expenses over time, but the balance sheet shows the company's financial position within a single fixed moment," explains Courtney Barbee, owner and COO at The Bookkeeper.