A debit to an expense account decreases the owner's equity. increases owner's equity. directly affects the drawings
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Question:
A debit to an expense account
decreases the owner's equity.
increases owner's equity.
directly affects the drawings account.
has no effect on the balance sheet.
A debit to an expense account means the business has spent more money on a cost (i.e. increases the expense), and a credit to a liability account means the business has had a cost refunded or reduced (i.e. reduces the expense).
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