Let's say you have a company called X. Company X pays cash for fuel during the...
Let's say you have a company called X. Company X pays cash for fuel during the period. The transaction directly impacts its liability accounts at the end of the period. Is this TRUE or FALSE?
Homework Answers
if company has to pay money for fuel they filled journal entry will be
DR fuel filled
CR payable
this payable will be shown in liabilty side as the company has a oblilgation to pay and as liability increase it will show in credit side
As the company pays the money the liability decreases so journal entry will be
DR trade payable(liability)
CR cash
it is true the pay cash for fuel during the period the transaction will directly impacts its liability accounts at the end of the period
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