How does the accounting equation affected by paying liabilities of the business?

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Calista Kilback asked a question: How does the accounting equation affected by paying liabilities of the business?
Asked By: Calista Kilback
Date created: Mon, Mar 15, 2021 8:36 PM
Date updated: Wed, Jun 29, 2022 6:25 AM

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Top best answers to the question «How does the accounting equation affected by paying liabilities of the business»

If liabilities are purchased with cash then supplies will be bought against income statement. It would affect net income. In simple words, it means assets will decrease, so will the liabilities. More on balancing accounting equation in this document.

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