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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
Is supplies expense a temporary account?
yes it is
The entry to adjust for the cost of supplies used during the accounting period is?
debit Supplies Expense; credit Supplies
The adjusting entry to record supplies expense accomplishes which of the following?
Decreases an asset and increases an expense.
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
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
The entry to adjust for the cost of supplies used during the accounting period is?
debit Supplies Expense; credit Supplies
The adjusting entry to record supplies expense accomplishes which of the following?
Decreases an asset and increases an expense.
Is store supplies expense a selling or general and administrative expense?
It is a selling expense to be accounted for on the Income Statement under Selling Expenses.
Does supplies expense go on income statement?
yes
Why does technology make everything more costly?
utility expense, repairs & maintenance, overhead expense, supplies
What is the classification and normal balance of the supplies expense account?
debit
The classification and normal balance of the supplies expense account is a or an?
liability with a credit balance
