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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.
Purchases journal
debit office suppliescredit cash
Debit office suppliesCredit accounts payable
[debit] office use expenses[credit] cash
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.
Purchases journal
debit office suppliescredit cash
Requisitioning the office supplies means requesting those supplies. This can involve the use of a special form or simply purchasing the supplies.
Debit office suppliesCredit accounts payable
[debit] office use expenses[credit] cash
debit office suppliescredit accounts payable
Tod J. Snodgrass has written: 'Office purchasing guide' -- subject(s): Office equipment and supplies, Purchasing
Accounts payable is a liability account. When something is purchased on account it falls under this category such as purchasing $10,000 worth of office supplies on account. You would debit the office supplies account under assets and credit accounts payable under liabilities.
Purchasing support services Ordering tools from a catalog over the telephone Purchasing supplies for the office
One can purchase inexpensive office supplies at many office supply stores. Additionally purchasing a large amount of these office supplies, such as pens, may also offer an additional discount.
Office Depot and Office Max both have really great prices on office supplies. It is completely dependent on what you are purchasing and when. You would have to do a price comparison on the individual item to determine who has it available for the best price.