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If a company purchases supplies on account the transaction would result in total asset increasing or decreasing?
Wiki User
∙ 12y ago
I think the total asset will decreases
Wiki User
∙ 12y ago
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What does Purchases journal?
Purchase journal is used to record "Credit Purchases" for resale purpose like supplies from suppliers and hence no cash purchases are recorded as cash purchases are recorded in cash payment journal.
Which journal does bought office supplies on account go to?
Purchases journal
The office supplies account showed a beginning debit balance of P6000 and purchases of P10000.The ending debit balance was P4000.?
Office supplies beginning balance 6000Add: Purchases 10000Total 16000Less:closing balance 4000Supplies expense for current period 12000
What is the journal entry of accounts payable?
debit purchasescredit accounts payable*For purchases (supplies, office materials, etc.) on accountPurchases xxAccounts Payable xx*During payment of purchases on accountAccounts Payable xxPurchases xxNOTE: Journal entries depends on the accounts involved, like: Taxes, discounts and other stuffs. ^^
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.
Are purchases of supplies included on a 1099?
Purchases of supplies are not included on a 1099, instead they are included as an expense on a Schedule C Business Form when you file your income taxes.
What does Purchases journal?
Purchase journal is used to record "Credit Purchases" for resale purpose like supplies from suppliers and hence no cash purchases are recorded as cash purchases are recorded in cash payment journal.
Which journal does bought office supplies on account go to?
Purchases journal
What kinds of transactions are recorded in a purchases journal?
purchase of store supplies for cash
If a company returns defective supplies that were purchased for by cash and receives cash refund is this transaction recorded in Cash Receipts Journal?
Yes, the transaction of returning defective supplies and receiving a cash refund would typically be recorded in the Cash Receipts Journal. The entry would involve debiting the accounts payable or purchases returns account for the amount of the defective supplies and crediting the cash account for the amount of the refund received.
Where can I get discount supplies for my business?
Yes Retailmenot is the best bet for you to find discount supplies for your business. From there, you can find coupons to help you with your business 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.
The office supplies account showed a beginning debit balance of P6000 and purchases of P10000.The ending debit balance was P4000.?
Office supplies beginning balance 6000Add: Purchases 10000Total 16000Less:closing balance 4000Supplies expense for current period 12000
What are some problem that can come of an increasing population?
well having no food. no supplies. not enough power.
Where can one find a craft warehouse for bulk purchases?
The best place to purchase craft supplies in bulk would be at a specialty craft store such as Michael's. The store could order supplies in large amounts if requested.
where can we buy commercial business supplies?
It really depends what commercial business supplies you are looking for. If you are looking for computers, office furniture and general office supplies, I would recommend Staples or Office Depot. Both stores also offer corporate accounts for large volume purchases.
Where can I purchase kids arts & crafts supplies in bulk for my girl scout troop?
For bulk purchases of craft supplies, check out: http://www.sunshinecrafts.com/ AND www.dollardays.com/wholesale-arts-and-crafts.html AND www.dollartree.com/arts-crafts/209/index.cat
