Suzanne knows that an increase to an expense reduces, Finance Basics

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Suzanne knows that an increase to an expense reduces

Question: 1. Suzanne knows that an increase to an expense reduces retained earnings (a stockholders' equity account). However, she also knows that expense accounts have a debit balance, while retained earnings normally has a credit balance. Are these two pieces of information consistent? Explain.

2. What is a journal? What is a journal entry?

3. Provide the proper format for recording a transaction.

4. Explain the phrase "debits equal credits."

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Finance Basics: Suzanne knows that an increase to an expense reduces

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Finance Basics: Suzanne knows that an increase to an expense reduces

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