Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 7 - No. 29)
If a business pays for an expense in cash, what is the impact?
Debit: Expense account; Credit: Cash account
Debit: Cash account; Credit: Expense account
Debit: Accounts payable; Credit: Cash account
Debit: Expense account; Credit: Accounts payable
Explanation
Debit: Expense account; Credit: Cash account
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