A Home Repair Company Paid $160 Cash For Gas And Oil Expenses On Its Van
The journal entry to record is to debit Gas and Oil Expenses Account, as these Expenses are incurred so these are increased, and credit Cash Account, as when the cash is paid, it is decreased because it is going out of the company’s business according to the rules of debit and credit. Gas and Oil expense paid during the accounting period is recorded in the Income Statement Journal En t ry: Gas And Oil Expenses a/c $160 Cash a/c $...