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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 12Â Â Â Â Â Â Â Â Â Â Â Vehicle expenses of N2000 paid by cheque.
Solution:Â Credit Bank account, and debit Vehicle expenses account
Dr                                                      Bank                                                                 Cr
| Â N
Jan 10     Vehicle expenses             2,000 |
Dr                                                      Vehicle Expenses                                                Cr
| Â Â Â Â Â Â Â Â Â Â Â Â N
June 12       Bank                             2,000 |
|
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