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Is inventory permanent account or temporary account?
permanent account
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
Is the drawing account a permanent account?
Drawing account is not a permanent account rather it is temprary account which is closed to owners equity account at every year closing period.
Is prepaid insurance a permanent or temporary account?
it is permanent
Accounts Payable is a temporary or permanent account?
permanent
Is inventory permanent account or temporary account?
permanent account
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
Is the drawing account a permanent account?
Drawing account is not a permanent account rather it is temprary account which is closed to owners equity account at every year closing period.
Is prepaid insurance a permanent or temporary account?
it is permanent
Accounts Payable is a temporary or permanent account?
permanent
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.
Is capital stock a permanent or temporary account?
Capital stock is considered a permanent account. Permanent accounts are ones which hold financial information for multiple accounting periods. Capital stock remains in an account until an accountant moves it to another account, which means that it is permanent.
What is journal entry to record return of supplies on account?
debit accounts payablecredit supplies return account
What is permanent account?
An account that won't go away.
Is Interest expense a permanent account?
No it is a temporary account
Is a balance sheet account referred to as a permanent account?
Assets, Liabilities, and Stockholder's Equity are all permanent accounts.
Is cash account temporary account?
No cash account is a permanent account. as u treated cash as a debit element in General journal against of Capital. Capital is a permanent account so cash too.
