Question

jackson's programming paid its june rent of $500 cash. demonstrate how to use the accounting equation to record the transaction by completing the following sentence. jackson would decrease (expenses/cash/revenues) and increase (expenses/equity/revenues) in the accounting equation.

Answer 1

Based on Jackson's programming paying rent of $500 cash the effect on the accounting equation is Jackson would decrease cash and increase expenses in the accounting equation.

How are expenses treated?

When a company incurs an expense such as rent, this goes to the Rent account and will increase it.

On the other hand, because the amount that will be used to pay off the rent will be taken from cash, the cash account will decrease.

In conclusion, expense will increase and cash will decrease.

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