If you bought gas for the van what accounts would be altered?

Question

Cash and Expenses?

Answer 1

This depends a lot on how you've set up your accounting system. If you're a small business that pays for everything in cash, then yes, Cash would decrease and Expenses would increase. I would assume you'd have a sub-category for Vehicle expenses that you could debit for the amount of the gas, rather that just calling it an expense and leaving it at that; the purpose is not just for auditing purposes, but also to track expenses against your budget.

Answer 2

That is a fairly broad question. Here is a broad answer. Your account by a negative amount(subtraction) and the gas station's account by a positive amount(addition). If you want precision, you need to be more precise and form your questions in a well thought out manner.

Answer 3

If you have an account called "Auto and truck expense" that would be one- The other would be operating cash if you use your checking account.