Michael Barry, Attorney, began the year with total assets of $126,000, liabilities of $74,000, and owner”s equity of $52,000. During the year the business earned revenue of
$110,000 and paid expenses of $33,000. Barry also withdrew cash of $69,000. How would Michael Barry record expenses paid of $33,000?
| a. Cash | 33,000 | ||
| Expenses | 33,000 | ||
| b. Accounts payable | 33,000 | ||
| Cash | 33,000 | ||
| c. Expenses | 33,000 | ||
| Accounts payable | 33,000 | ||
| d. Expenses | 33,000 | ||
| Cash | 33,000 |
Answers are given after Apply Your Knowledge (p. 129).
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