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DOUBLE ENTRY TREATMENT OF EXPENSES
Expenses mean spending money belonging to a business to gain more money. It is recorded on the debit side of the books.
Types of expenses: rent, wages/salaries, postages, stationery, insurance telephone, electricity, motor expenses etc.
Example:
June 12 Vehicle expenses of N2000 paid by cheque.
Solution: Credit Bank account, and debit Vehicle expenses account
Dr Bank Cr
| N
Jan 10 Vehicle expenses 2,000 |
Dr Vehicle Expenses Cr
| N
June 12 Bank 2,000 |
|
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