Accrued Expense Question

by Mridula
(Gwalior, India)

Q: At this stage when the owner has to pay the bill, what will happen to the asset side, will it not decrease by 200? If not, why?

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Ans to Mridula's query
by: Anonymous

Hi,

The journal entry will be as follows:

DR Creditors $200

CR Bank $200

Thanks,
Sumon

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