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At December 31 the unadjusted trial balance of H and ampR Tacks reports Supplies of 9300 and Supplies Expense of 0. On December 31 supplies costing 7850 are on hand. and Acirc and nbsp 1. Prepare the?
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Is supplies expense a liability or asset?
Supplies expense is neither an asset nor a liability it is an expense. Prepaid supplies would be an example of an asset and as the supplies are used they become expenses, supplies expense.
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
The entry to adjust for the cost of supplies used during the accounting period is?
debit Supplies Expense; credit Supplies
Is supplies expense a temporary account?
yes it is
Does supplies expense go on income statement?
yes
Is supplies expense a liability or asset?
Supplies expense is neither an asset nor a liability it is an expense. Prepaid supplies would be an example of an asset and as the supplies are used they become expenses, supplies expense.
Is expense a asset or liability?
Supplies expense is neither an asset nor a liability it is an expense. Prepaid supplies would be an example of an asset and as the supplies are used they become expenses, supplies expense.
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
The entry to adjust for the cost of supplies used during the accounting period is?
debit Supplies Expense; credit Supplies
Does supplies expense go on the balance sheet?
It should affect two accounts and two statements.dr Supplies Expenses (+E, -SE)cr Supplies (-A)So, supplies expense is on your income statement but is also reflected on your balance sheet because it lessens the value of your assets in supplies.Income SheetRevenuesExpenses(supplies expense)Balance SheetAssetsCashSupplies
Is supplies expense a temporary account?
yes it is
Does supplies expense go on income statement?
yes
Which journal entry records payment for supplies?
The journal entry to record payment for supplies would involve crediting the cash account and debiting the supplies expense account.
Does supplies go on the income statement?
No, supplies do not go on the income statement. Supplies are considered to be an expense and are typically recorded on the balance sheet under the category of current assets. The cost of supplies is then deducted over time through the income statement as they are used or consumed in the business operations.
Are office supplies part of inventories?
Office supplies are overhead expenses which are listed in the expense category
What is the classification and normal balance of the supplies expense account?
debit
The adjusting entry to record supplies expense accomplishes which of the following?
Decreases an asset and increases an expense.
