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Accounts payable and Cash accounts
This is one of the simplest transactions you can do in accounting. Because you are 1. purchasing supplies and 2. you are using cash.You already stated part of your answer in the question. The two accounts affected are 1. Cash and 2. SuppliesBecause you are spending cash, cash will decrease (credited) and since you are receiving supplies, supplies will increase (debit). Remember both of these accounts are asset accounts and therefore both maintain a debit balance. To increase an asset you must debit it, to decrease it you must credit it.
the accounts affected by closing entries are temporary accounts like expenses
"what accounts are affected and how when a payment on account is received from a customer
Debit supplies inventoryCredit accounts payable
Accounts payable and Cash accounts
Assets are affected such as supplies are increased on debit side. Accounts payable is affected by being credited or increased. Owners equity is also affected by being credited or lowered on the balance sheet.
This is one of the simplest transactions you can do in accounting. Because you are 1. purchasing supplies and 2. you are using cash.You already stated part of your answer in the question. The two accounts affected are 1. Cash and 2. SuppliesBecause you are spending cash, cash will decrease (credited) and since you are receiving supplies, supplies will increase (debit). Remember both of these accounts are asset accounts and therefore both maintain a debit balance. To increase an asset you must debit it, to decrease it you must credit it.
the accounts affected by closing entries are temporary accounts like expenses
the accounts affected by closing entries are temporary accounts like expenses
"what accounts are affected and how when a payment on account is received from a customer
Debit supplies inventoryCredit accounts payable
no accounts, the only time an account would be affected is when you withdraw or deposit money into/from it, cash is nearly untraceable and does not affect your bank accounts
2
debit accounts payablecredit supplies return account
Agriculture accounts for 78%
Accounts Receivable - Debit Service Revenue - Credit