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When a business pays cash on account a liability account is?

Updated: 9/21/2023

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What two accounts are affected when a business pays cash to the owner for personal use?

Owners Drawing account, which is owners equity and is debited. Cash, which is an asset and thats credited.

When a comapany pays a bill the cash account WILL BE?

Debited.

What is the journal entry when the owner pays money from business to buy a truck?

[Debit] Truck account xxxx [Credit] Cash / bank xxxx

When a customer pays on their account is it a credit or a debit to the customers account?

debit a/r credit cash

When a business pays cash for salaries assets decrease and expenses?

INCREASE

Related questions

What two accounts are affected when a business pays cash to the owner for personal use?

Owners Drawing account, which is owners equity and is debited. Cash, which is an asset and thats credited.

When a comapany pays a bill the cash account WILL BE?

Debited.

What is the journal entry when the owner pays money from business to buy a truck?

[Debit] Truck account xxxx [Credit] Cash / bank xxxx

How does a business pay its employees?

A business pays its employees out of their profits. If a business isn't doing well, they usually lay off some of their employees.

When a customer pays on their account is it a credit or a debit to the customers account?

debit a/r credit cash

When a business pays cash for salaries assets decrease and expenses?

INCREASE

What is the journal entry a company would record when it purchases equipment and pays cash?

[Debit] Equipment account [Credit] Cash / bank

What journal entry when customer pays account?

[Debit] cash / bank [credit] accounts receivable

What accounts are included in stockholder equity?

type of account is decreased when a company pays its employees with cash?

What journal entry happens when customer pays account?

Debit cash / bankCredit accounts receivable

What is the journal entry for when a customer pays their account?

[Debit] cash / bank [credit] accounts receivable

What is irregular outflows?

Irregular cash outflow is when a business pays their fees, taxes etc irregularly.

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