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sergeinik [125]
3 years ago
5

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 _________ and increase ________ in the accounting equation.
Business
1 answer:
Ivan3 years ago
3 0

Answer:

Cash account; rent expense

Explanation:

The journal entry to record the rent expense for June month is shown below:              

Rent expense A/c Dr $500

       To Cash A/c $500

(Being the payment of rent for cash is recorded)

Since the rent is an expense which increases the expense account by $500 ad the cash is also paid which reduced the cash balance by $500 so the expense is increased and the cash is decreased

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Answer:

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