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What is the difference between office supplies account and office supplies expense account?
Wiki User
∙ 12y ago
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
Wiki User
∙ 12y ago
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Is supplies expense a temporary account?
yes it is
What is the classification and normal balance of the supplies expense account?
debit
What is the difference between direct expense and indirect expense in financial account?
give the full chart of the direct and indirect expenses . detail about this
What is the difference between account receivable and accounts payable confirmation?
account receivable- money coming in for profit account payble-money going out for a expense
The classification and normal balance of the supplies expense account is a or an?
liability with a credit balance
Is supplies expense a temporary account?
yes it is
What is the classification and normal balance of the supplies expense account?
debit
What is the difference between direct expense and indirect expense in financial account?
give the full chart of the direct and indirect expenses . detail about this
What is the difference between account receivable and accounts payable confirmation?
account receivable- money coming in for profit account payble-money going out for a expense
What is the difference between prepaid unearned account?
Prepaid is that amount of expense which is paid in advance and expense not occured while unearned account is that amount where amount for services received in advance but services not provided.
The classification and normal balance of the supplies expense account is a or an?
liability with a credit balance
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 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 meant by adjustment?
An adjustment is usually an entry made near the end of an accounting cycle (often during the trial balance stage) to bring an account into balance. For instance, the "books" may show a certain quantity on hand -say 1000 units- of supplie, but when you do a physical count you discover there are only 900 units on hand. At this point you will have to make an adjusting entry to the supplies expense account (a credit balance account-the supplies account has a debit balance) of 100 to offset the supplies account and bring the account in balance: Or you can just credit the difference directly into the supplies account: Debit Credit Balance Supplies- 1000 (100) 900
What is meant by adjustment entry?
An adjustment is usually an entry made near the end of an accounting cycle (often during the trial balance stage) to bring an account into balance. For instance, the "books" may show a certain quantity on hand -say 1000 units- of supplie, but when you do a physical count you discover there are only 900 units on hand. At this point you will have to make an adjusting entry to the supplies expense account (a credit balance account-the supplies account has a debit balance) of 100 to offset the supplies account and bring the account in balance: Or you can just credit the difference directly into the supplies account: Debit Credit Balance Supplies- 1000 (100) 900
Does payroll Expense have a credit or debit account?
Payroll expense is a nominal account and as it is expense account so like all expense accounts it also have debit account.
