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Supplies (sometimes also referred to as "inventory", depending on your industry) is an asset, or more specifically, if you are using a classified balance sheet format, current asset, account. The reason for this is that supplies and inventory are seen as being able to be used for production or converted to cash within one year.
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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
What account type is accounts payable?
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.
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.
What is journal entry to record return of supplies on account?
debit accounts payablecredit supplies return account
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 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
What account type is accounts payable?
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.
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.
What is journal entry to record return of supplies on account?
debit accounts payablecredit supplies return account
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.
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.
What will be the journal entry for supplies purchased with a check?
Debit supplies accountCredit bank account
What is journal entry for supplies bought on account?
Debit supplies inventoryCredit accounts payable
Is supplies expense a temporary account?
yes it is
If supplies are return back to company and a reduction is on the account is it a credit or debit?
Debit account
What electrical supplies does a technician work with?
Depending on the type of technician the supplies can be endless. Each type of technician has a special list of supplies.
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
