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Accounting equation for purchase supplies for cash?
supplies cash
A purchase of supplies for cash is recorded in the?
cash payment journal
In accounting Cash purchase of supplies should be recorded in what?
cash payments journal
Where do you record a purchase of supplies on account?
This should be recorded in the cash payment journal.
What accounts would be affected and how by a transaction to purchase supplies for cash?
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.
Accounting equation for purchase supplies for cash?
supplies cash
A purchase of supplies for cash is recorded in the?
cash payment journal
In accounting Cash purchase of supplies should be recorded in what?
cash payments journal
What kinds of transactions are recorded in a purchases journal?
purchase of store supplies for cash
Where do you record a purchase of supplies on account?
This should be recorded in the cash payment journal.
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 is the journal entry for a cash purchase?
Debit Asset a/c if asset a/c is bought and credit Cash a/c OR if these are sundry supplies debit that head and credit cash acct
How are business expenses added to my office supplies when cash is used to purchase the office supplies?
If the company reimburses you: Dr. Office Supplies and Cr. Cash. If the company does not reimburse you: Dr. Office Supplies and Cr. Accounts Payable - Owner (if you will eventually be reimbursed) or Additional Paid-in Capital (if you will never be reimbursed)
What accounts would be affected and how by a transaction to purchase supplies for cash?
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.
What does Purchases journal?
Purchase journal is used to record "Credit Purchases" for resale purpose like supplies from suppliers and hence no cash purchases are recorded as cash purchases are recorded in cash payment journal.
What account is affected in an account journal when you avail of purchase discount for office supplies that was bought on account?
Accounts payable and Cash accounts
Where would the purchase on noncurrent assets be reported in the statement of cash flows?
Purchase of fixed asset is shown under cash flows from investing activities as an outflow of cash because purchase of assets is an investing activity and it causes reduction of cash flow.
