0
Purchases journal
Wiki User
∙ 13y ago
Add your answer:
Earn +20 pts
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 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.
How do you journal entry office supplies on account?
Debit office suppliesCredit accounts payable
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 will be the journal entry Office supplies purchased in cash but not used?
debit office suppliescredit cash
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 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.
How do you journal entry office supplies on account?
Debit office suppliesCredit accounts payable
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 will be the journal entry Office supplies purchased in cash but not used?
debit office suppliescredit cash
What is the journal entry for Outstanding amount owing to Office Supplies?
debit office suppliescredit accounts payable
Where can classroom supplies be bought?
Classroom supplies can be bought from Really Good Stuff, Staples, EduTopia, Office Depot, Office Supply Warehouse, Classroom Supply, Dollar Tree and Dollarama.
How do you journalize office supplies on account?
Debit office suppliesCredit Accounts Payable
Where can one purchase cubicle supplies?
Cubical supplies can be bought at any office supply store such as Office Max. Cubical supplies can also be purchased from big box stores such as Target.
Where can personalized office supplies be bought?
There are a number of online stores that sell personalized office supplies. They include Branded Notepads, Vista Print, 4Imprint, Show My Logo and Office Depot.
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 stores offer the best deals on discount office supplies?
Office Supplies, Viking, The Office Supplies Supermarket, Frillo and Staples are a select few that offer discounts on Office supplies but Viking are generally the cheapest.
