Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 19 - No. 48)
How would the payment of telephone expenses via a standing order be recorded?
Debit bank; credit telephone expense
Debit telephone expense; credit bank
Debit cash; credit telephone expense
Debit telephone expense; credit cash
Explanation
The telephone expense is increased (debited), and the bank balance is decreased (credited).
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