The journal entry for purchasing office supplies on credit involves debiting the Office Supplies account and crediting Accounts Payable. For example, if the office supplies cost $500, the entry would be: Debit Office Supplies $500 Credit Accounts Payable $500 This reflects the increase in assets (office supplies) and the corresponding liability (amount owed).
254
Since the purchase of supplies are recorded on the books and still sitting down to be taken off. The entry would be Credit office supplies and Debit the Cash account.
To prepare the adjusting journal entry for supplies, first determine the supplies that have been used. The initial balance of supplies is $9,300, and with $7,850 on hand, the amount used is $9,300 - $7,850 = $1,450. The adjusting entry will debit Supplies Expense for $1,450 and credit Supplies for the same amount, ensuring that the Supplies account reflects the actual amount of supplies remaining on hand. Adjusting Entry: Debit Supplies Expense: $1,450 Credit Supplies: $1,450
To adjust the supplies account, you need to recognize the amount of supplies used. The supplies used can be calculated by subtracting the ending inventory from the supplies account balance: $2,250.00 - $950.00 = $1,300.00. The adjusting entry would be a debit to the Supplies Expense account for $1,300.00 and a credit to the Supplies account for $1,300.00.
The journal entry for purchasing office supplies on credit involves debiting the Office Supplies account and crediting Accounts Payable. For example, if the office supplies cost $500, the entry would be: Debit Office Supplies $500 Credit Accounts Payable $500 This reflects the increase in assets (office supplies) and the corresponding liability (amount owed).
254
Since the purchase of supplies are recorded on the books and still sitting down to be taken off. The entry would be Credit office supplies and Debit the Cash account.
To prepare the adjusting journal entry for supplies, first determine the supplies that have been used. The initial balance of supplies is $9,300, and with $7,850 on hand, the amount used is $9,300 - $7,850 = $1,450. The adjusting entry will debit Supplies Expense for $1,450 and credit Supplies for the same amount, ensuring that the Supplies account reflects the actual amount of supplies remaining on hand. Adjusting Entry: Debit Supplies Expense: $1,450 Credit Supplies: $1,450
To adjust the supplies account, you need to recognize the amount of supplies used. The supplies used can be calculated by subtracting the ending inventory from the supplies account balance: $2,250.00 - $950.00 = $1,300.00. The adjusting entry would be a debit to the Supplies Expense account for $1,300.00 and a credit to the Supplies account for $1,300.00.
Adjusting entry as follows: [Debit] Cash / bank [Credit] Accrued commission
This is adjusting entry for Accrued Expenses in the current accounting period, where you debit adjusting entry on expenses (Utility Expenses) account and credit adjusting entry on liabilities (Utilities Payable) account.
[Debit] Supplies expenses [Credit] Supplies Inventory
To adjust for the inventory of laundry supplies, you need to recognize the expense for the supplies used. The adjusting entry would be a debit to Laundry Supplies Expense for $5,500 (the difference between the initial purchase of $6,500 and the remaining inventory of $1,000) and a credit to Laundry Supplies for the same amount. This reflects the consumption of supplies during the period.
debit supplies expensescredit supplies inventory
In accounting, purchasing office supplies is recorded as a debit to the Office Supplies expense account, reflecting an increase in expenses. Simultaneously, it results in a credit to the Cash or Accounts Payable account, indicating a decrease in assets or an increase in liabilities, respectively. This transaction adheres to the double-entry accounting system, ensuring that the accounting equation remains balanced.
debit Supplies Expense; credit Supplies