Using the double entry system together with the accounting equation, determine what is debits and credits apply the following scenario. The business pays off a loan it took out EFT from its bank account A Credit assets, debit liabilities B Debit assets, Credit liabilities C Debit assets, Credit owner s equity D Credit assets, Debit owner s equity
Using the double entry system together with the accounting equation, determine what is debits and credits apply the following scenario. The business pays off a loan it took out EFT from its bank account A Credit assets, debit liabilities B Debit assets, Credit liabilities C Debit assets, Credit owner s equity D Credit assets, Debit owner s equity
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter1: Asset, Liability, Owner’s Equity, Revenue, And Expense Accounts
Section: Chapter Questions
Problem 5DQ: What is the effect on the fundamental accounting equation if supplies are purchased on account? How...
Related questions
Question
- Using the double entry system together with the
accounting equation , determine what is debits and credits apply the following scenario.
The business pays off a loan it took out EFT from its bank account
A Credit assets, debit liabilities
B Debit assets, Credit liabilities
C Debit assets, Credit owner s equity
D Credit assets, Debit owner s equity
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College