Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 10 - No. 29)
Which of the following entries would decrease both assets and equity?
Recognizing accrued revenue.
Recognizing accrued expenses.
Paying off Accounts Payable.
Providing allowance for doubtful accounts
Explanation
Providing allowance for doubtful accounts will decrease both accounts receivable(asset) and net income(equity).
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