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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.
What is journal entry to record return of supplies on account?
debit accounts payablecredit supplies return account
What purchase of supplies on account is recorded in the?
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.
Is capital account is real account or nominal account?
Real 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
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.
What is journal entry to record return of supplies on account?
debit accounts payablecredit supplies return account
What purchase of supplies on account is recorded in the?
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.
Is capital account is real account or nominal account?
Real Account
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.
Is debtor account a real account?
Yes, it is a real account
What will be the journal entry for supplies purchased with a check?
Debit supplies accountCredit bank account
What is journal entry for supplies bought on account?
Debit supplies inventoryCredit accounts payable
Is supplies expense a temporary account?
yes it is
If supplies are return back to company and a reduction is on the account is it a credit or debit?
Debit account
Is Sales Account nominal or real account?
real accounts
