Payment of a liability for an expense that has been previously recorded
A) does not affect the owner's equity account.
B) only affects the liability accounts.
C) does not affect the asset accounts.
D) only affects the asset accounts.

Question

Quizplus · Accepted Answer

Payment of a liability for an expense that has been previously recorded reduces both the liability and the asset (cash) accounts, but it does not directly affect the owner's equity account.

Payment of a Liability for an Expense That Has Been