Williams travel service pays $100 cash for salaries expense. Transaction affects the accounting equation by decreasing.
The accounting equation, also known as the balance sheet formula, describes the relationship between the assets, liabilities and equity of a person or company and is the basis of the double-entry bookkeeping system. The total debits equals the total credits for each transaction.
The accounting equation is the formula that states that the sum of a company's liabilities and equity equals its total assets (assets = liabilities + equity).
The three elements of the accounting equation are assets, liabilities and equity. All three of these factors are essential to understanding a company's financial position.
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