If a company uses $1,600 of its cash to purchase supplies, the effect on the accounting equation would be:_________

1 answer:

4 0

If a company uses $1,600 of its cash to purchase supplies, the effect on the accounting equation would be one asset increases $1,600 and another asset decreases $1,600, causing no effect.

<h3>What is an accounting equation?</h3>

The relationship between a person's or company's assets, liabilities, and owner's equity are represented by the basic accounting equation, often known as the balance sheet equation. It serves as the system's cornerstone. The sum of the debits and credits for each transaction is equal.

Stockholders' equity is referred to as capital in corporations. Since every business transaction impacts at least two accounts, the accounting equation will always be "in balance," which means the left and right sides of a company's balance sheet should always be equal.

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