Asked by
Kialha Shinko
on Nov 15, 2024
Verified
The owner of a business paid the rent with cash. This payment reduces Cash as well as increases the Expenses of the firm.
Expenses
Costs incurred in the process of earning revenue, including operational, administrative, and selling activities.
Cash
Money in the form of currencies that can be used immediately for transactions or as a medium of exchange.
- Understand the influence of income and costs on a company's financial standing.
- Determine the impact of business activities on the components of the accounting equation.
Verified Answer
TP
Learning Objectives
- Understand the influence of income and costs on a company's financial standing.
- Determine the impact of business activities on the components of the accounting equation.
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