Before any meaningful discussion can occur about the effect that a cash purchase of office supplies has on the accounting equation, it is important to understand what the accounting equation is and ...

When companies purchase supplies on account, they have to create several journal entries to record the transaction in their financial statements. These entries change the balance of the fundamental ...

Net income is the total amount of income left after expenses and deductions are taken out. You can find a company's net income on its income statement to assess the health of a business. Net income is ...