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What is journal entry for supplies bought on account?
Debit supplies inventoryCredit accounts payable
Is debited a deduction?
yes debited is a deduction from the account as it only taked whats int your account out if you have enough
When the seller is paid the customer's account is.credited or debited?
debited
When December rent is paid in November which account is debited?
Prepaid Rent is debited.
When December rent is paid in November to which account is it debited?
Prepaid Rent is debited.
What is journal entry for supplies bought on account?
Debit supplies inventoryCredit accounts payable
Is debited a deduction?
yes debited is a deduction from the account as it only taked whats int your account out if you have enough
When the seller is paid the customer's account is.credited or debited?
debited
When December rent is paid in November which account is debited?
Prepaid Rent is debited.
When December rent is paid in November to which account is it debited?
Prepaid Rent is debited.
Which journal does bought office supplies on account go to?
Purchases 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
What is debited?
It is something that is entered into an account as a debt
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.
Can your bank account be debited without you being told?
NO.
When a comapany pays a bill the cash account WILL BE?
Debited.
What nominal account heading will you give to flashlights and batteries bought for consumption by a firm?
miscellanous supplies
