the company pays its telephone bill for the month. what affect would this have on an expense account?

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19-12-2022
Business

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the company pays its telephone bill for the month. what affect would this have on an expense account?

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jaiswaljyoti jaiswaljyoti · Answer 1 · 2022-12-22T02:36:23-05:00

The effect company would have on expense account would be: Expenses increase with a debit to "telephone expense."

A debit is an accounting entry that changes the balance sheet of a business by increasing assets or decreasing liabilities. In fundamental accounting, credits, which work in the exact opposite direction, counterbalance debits.

Depending on the loan's terms, a company might, for instance, simultaneously debit fixed assets and credit a liabilities account if it takes out a loan to buy equipment. All double-entry accounting systems have a feature known as a debit. Credits are the contrary of debits. Money is taken out of an account by making a debit, and money is put in by making a credit.

To learn more about debit click here

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