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What account is affected in an account journal when you avail of purchase discount for office supplies that was bought on account?
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∙ 13y ago
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Is a purchase discount account an asset or liability?
It is a contra asset account; thus, an ASSET
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.
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.
Where do you record a purchase of supplies on account?
This should be recorded in the cash payment journal.
What type of an account is a purchase discount?
contra-expense It's an expense, not a contra expense. If you don't pay the bill within the discount period, and you had recorded the original purchase at net (Purchase price less the early pay discount) then you have more expense, not less, when you don't pay on time.
Is Purchase Discount revenue or expense?
Sales discount is not an expense account, but is also a deduction to an income statement. It is just a contra account of a revenue account particularly a sales revenue account.
Is a purchase discount account an asset or liability?
It is a contra asset account; thus, an ASSET
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.
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.
Where do you record a purchase of supplies on account?
This should be recorded in the cash payment journal.
What type of an account is a purchase discount?
contra-expense It's an expense, not a contra expense. If you don't pay the bill within the discount period, and you had recorded the original purchase at net (Purchase price less the early pay discount) then you have more expense, not less, when you don't pay on time.
What type of account is a sales discount?
A sales discount account is a contra-revenue account.
How can I get a discount on office supplies?
Yes, most major office supply retailers like Office Max, Staples, Office Depot etc. offer attractively priced office supplies. Also be sure to check your local Sunday newspaper and sales flyers for additional discounts on office supplies.
Does a debit increase purchase discounts?
Purchases account has debit balance as default balance while purchases returns has credit balance as default balance because it is use to reduce the purchases account so debit decreases the purchase discounts while credit increases the purchase discount account.
What type of an account is a purchase?
contra-expense It's an expense, not a contra expense. If you don't pay the bill within the discount period, and you had recorded the original purchase at net (Purchase price less the early pay discount) then you have more expense, not less, when you don't pay on time.
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
How do you upgrade times attack game?
Just buy the version you're upgrading to and it will automatically give you the correct discount on the final page where you enter your card info. If you bought your version prior to June 2010 you'll need to create an account. If you use the same email for your account that you used for the original purchase it will automatically tie your original purchase into your new account and give you the discount.
