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The amount which is paid on account(credit) should be recorded in a liability account i believe while record the purchased supplies in the asset.
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∙ 11y ago
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Where do you record a purchase of supplies on account?
This should be recorded in the cash payment journal.
A purchase of supplies for cash is recorded in the?
cash payment journal
In which journal is the return of supplies purchased on account recorded?
General Journal
In accounting Cash purchase of supplies should be recorded in what?
cash payments journal
How are purchase discounts and purchase returns recorded by a company using the periodic inventory system?
They are recorded as a direct reduction to the Purchases account.
Where do you record a purchase of supplies on account?
This should be recorded in the cash payment journal.
A purchase of supplies for cash is recorded in the?
cash payment journal
In which journal is the return of supplies purchased on account recorded?
General Journal
What kinds of transactions are recorded in a purchases journal?
purchase of store supplies for cash
In accounting Cash purchase of supplies should be recorded in what?
cash payments journal
How are purchase discounts and purchase returns recorded by a company using the periodic inventory system?
They are recorded as a direct reduction to the Purchases account.
What account is affected in an account journal when you avail of purchase discount for office supplies that was bought on account?
Accounts payable and Cash accounts
What is the difference between office supplies account and office supplies expense account?
Office supplies acct is an account that you book as payables and a offfice supplies expense account is a Liability Account on your Chart of accounts
Can I purchase bulk daycare supplies online?
Yes, you can purchase bulk daycare supplies online. You can purchase them at www.inetgiant.com/Tags/-daycare-supplies.
Is an electricity account an example of a trade account payable?
No Electricity account is non-trade accounts payable as trade accounts payable are those suppliers only from which company purchase supplies for sale purpose.
What is purchase returns?
When some purchased supplies are returned back to suppliers due to some problem in supplies or due to any defect these returns are charged to purchase returns account and reduction in actual purchases.
How does purchases on account affect the balance sheet?
Purchases on account increases both Assets and Liabilities. Since a purchase on account becomes and account payable it is a liability account and the company's liabilities will increase the amount of the purchase. More than likely the purchase is for some type of equipment or supplies the company needs to operate and therefore is an asset to the company and that asset will increase by the same amount. Let's say Company X purchases $5,000 in supplies from company Z on account, Company X will record the transaction as follows. Supplies (dr) $5,000 Acc.Pay. Comp. Z (cr) $5,000 Remember Assets = Liabilities + Equity Assets increase with a debit Liabilities and Equity increase with a credit.
