Incurring an expense in the current accounting period, which is paid in the current accounting period, will require:
A)a debit to an expense and a credit to a liability.
B)a debit to a liability and a credit to an expense.
C)a debit to an expense and a credit to cash.
D)a debit to an expense and a credit to capital.

Question

Quizplus · Accepted Answer

When an expense is incurred and paid in the current accounting period, it requires a debit to the expense account to recognize the expense and a credit to cash to reflect the payment.

Incurring an Expense in the Current Accounting Period, Which Is