Bliss corporation settles a liability by making a payment in cash. how does paying this liability affect the accounting equation

Question

olasank [31]

4 years ago

10

Bliss corporation settles a liability by making a payment in cash. how does paying this liability affect the accounting equation

of the business?

Business

1 answer:

pogonyaev · Answer 1 · 2021-12-30T21:37:51+03:00

Assets decrease and Liability also decrease. Assets is anything that is tangible or intangible that can be owned or controlled to produce by company it is also an economic resources. Liability on the other hand is the responsible of person to something especially stated by law.