0
Supplies are typically considered a current asset on a company's balance sheet and are classified as a real account. Real accounts represent tangible assets that exist independently of transactions, such as cash, inventory, and property. Supplies, which are items used in the course of business operations, fit this definition as they are physical goods that the company owns.
What else can I help you with?
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
If the supplies account before adjustment on August 31st indicated a balance of 2250.00 and an inventory of supplies on hand at August 31st totaled 950.00 what would the adjusting entry be?
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.
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
If the supplies account before adjustment on August 31st indicated a balance of 2250.00 and an inventory of supplies on hand at August 31st totaled 950.00 what would the adjusting entry be?
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.
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 entry adjusts the cost of supplies used during the accounting period?
The entry that adjusts the cost of supplies used during the accounting period typically involves debiting the Supplies Expense account and crediting the Supplies Inventory account. This adjustment reflects the consumption of supplies, transferring their cost from the asset account to an expense account. The adjustment is made at the end of the accounting period based on a physical count or estimation of remaining supplies.
Which journal entry records payment for supplies?
Debit supplies inventoryCredit cash / bank
Is capital account is real account or nominal account?
Real Account
What accounts are affected when used supplies?
When used supplies are accounted for, the Supplies Expense account is debited to reflect the consumption of supplies. Simultaneously, the Supplies Inventory account is credited to reduce the asset value of supplies on hand. This transaction reflects the expense incurred for the supplies that have been utilized during the accounting period.
Is debtor account a real account?
Yes, it is a real 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
