critter sitters paid $100 for the monthly cell phone bill. which two accounts are impacted by this transaction? cash and owner's capital cash and communications expense owner's capital and communications expense cash and accounts payable

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21-10-2022
Business

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critter sitters paid $100 for the monthly cell phone bill. which two accounts are impacted by this transaction? cash and owner's capital cash and communications expense owner's capital and communications expense cash and accounts payable

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rafikiedu08 rafikiedu08 · Answer 1 · 2022-10-31T08:49:02+01:00

The two accounts affected by the cash sales transaction in Critter Sitters Animal Care's books are B. Cash and Sales, and C.

What effects do cash sales transactions have on accounting?

The selling company will debit its cash account and credit its service revenue or sales revenue account when a consumer pays for goods or services.

The accounting consequence for the paying client is a credit to the cash account and a negative to purchases, costs, or inventory.

Given each company transaction, these debit and credit entries are consistent with the double-entry accounting method and the accounting equation, which stipulates that assets are equal to liabilities and equity.

Critters Transaction Analysis: Cash $ Sales $

The cash account of Critters Sitters Animal Care should be debited, and the sales income account should be credited.

To know more about Accounts payable

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