What do debits to expense accounts signify?

Question

increases in assets
decreases in owner's equity
decreases in liabilities

Answer 1

decrease in owner's equity

An expense item is a debit.

When you close your income statement for the period, the resulting entry is a credit to expense and a debit to income summary. Income summary is then closed off the books with a credit and offsetting debit to owner's equity (which is a decrease).

Answer 2

Debit Expense

Answer 3

A debit to an expense account means that you have either decreased cash or increased a liability (accounts payable), you have increased the expense for that period. A credit to an expense account means that you have decreased the expense for the period by having a refund of cash or a derease in a payable because you returned the item.

Answer 4

I believe it would be increases in assets.

Remember the accounting equation

A=L+E=== Assets equals Liabilities plus Owners Equity.

Answer 5

none, debit to expense account means nothing. It simply means that expenses are debited and you sum them up all the expenses which are debits to get the total expenses.