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Debit office supplies
Credit Accounts Payable
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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
What account is affected in an account journal when you return office supplies that was bought on account?
Say I purchsed $500 in Office Supplies on account, I return the office supplies, since I purchased them on account, the company I purchased them from will extend me a credit to my account decreasing the balance I owe them by the said amount. My books will record....Account Payable (debit)Office Supplies (credit)I debit my Account Payable to show that I no longer owe that amount and I credit my Office Supplies to show that I no longer have that amount of supplies on hand.
If the transaction paid cash for office supplies the accounts affected would be?
If the transaction paid cash for office supplies, the accounts affected would be "Office Supplies" and "Cash." The Office Supplies account would be debited to reflect the increase in supplies, while the Cash account would be credited to indicate the decrease in cash due to the payment. This transaction affects both the asset accounts, with office supplies increasing and cash decreasing.
How do you journal entry office supplies on account?
Debit office suppliesCredit accounts payable
For the transaction paid cash for office supplies the accounts affected would be?
In the transaction where cash is paid for office supplies, the accounts affected would be "Office Supplies" and "Cash." The Office Supplies account would be debited to reflect the increase in assets, while the Cash account would be credited to show the decrease in cash assets due to the payment.
Which journal does bought office supplies on account go to?
Purchases journal
What account type is accounts payable?
Accounts payable is a liability account. When something is purchased on account it falls under this category such as purchasing $10,000 worth of office supplies on account. You would debit the office supplies account under assets and credit accounts payable under liabilities.
What is the journal entry for purchasing office supplies on credit?
The journal entry for purchasing office supplies on credit involves debiting the Office Supplies account and crediting Accounts Payable. For example, if the office supplies cost $500, the entry would be: Debit Office Supplies $500 Credit Accounts Payable $500 This reflects the increase in assets (office supplies) and the corresponding liability (amount owed).
How do you journalize incurred expenses on account?
prepare the debit-credit anakysis for each transaction
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 will be the journal entry Office supplies purchased in cash but not used?
Since the purchase of supplies are recorded on the books and still sitting down to be taken off. The entry would be Credit office supplies and Debit the Cash account.
How do you journalize entries for the stock issuances?
Debit Cash / bank Credit share capital account
