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Showing posts with the label The Effect Of Expenses Paid On Accounting Equation

Effect Of Cash Paid For Expenses On Owner’s Equity In Accounting Equation

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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                                                                                               ...