Company A decided to expand its office space and purchased 20 new desks and chairs from a supplier on July 1st. The desks and chairs were purchased on credit, and the company had 60 days to pay for them. Company A paid for the desks and chairs on August 15th. How would the transaction on August 15th impact the accounting equation of Company A

Question

24-12-2020
Business

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Company A decided to expand its office space and purchased 20 new desks and chairs from a supplier on July 1st. The desks and chairs were purchased on credit, and the company had 60 days to pay for them. Company A paid for the desks and chairs on August 15th. How would the transaction on August 15th impact the accounting equation of Company A

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jepessoa jepessoa · Answer 1 · 2020-12-25T01:28:17+01:00

Answer:

The July 1st purchase increased assets (furniture) and liabilities (accounts payable).

The August 15th payment decreases assets (cash) and decreases liabilities (accounts payable is gone)

Explanation:

The important thing about a balance sheet or the accounting equation is that they must balance. If the total numbers on both sides are not the same, then you did something wrong. If assets increase, liabilities or equity must increase also, and vice versa.