Effect Of Cash Paid For Expenses On Owner’s Equity In Accounting Equation
How Is Owner’s Equity Affected When Cash / Check Is Paid For Expenses Or The Effect Of Expenses Paid For Cash / Check On Owner’s Equity In Accounting Equation When Expenses paid for cash or by cheque / check, then we debit relevant expense accounts and credit cash account or credit bank account if expenses paid by cheque / check. The journal entry to record for expenses paid for cash or bank is shown below: Expense Paid a/c XXX ...