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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
Is Interest expense a permanent account?
No it is a temporary account
What type of account is a prepaid expense account?
A prepaid expense account is an asset, thus not a temporary account either.
What is the classification and normal balance of the supplies expense account?
debit
The classification and normal balance of the supplies expense account is a or an?
liability with a credit balance
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
Is Interest expense a permanent account?
No it is a temporary account
What type of account is a prepaid expense account?
A prepaid expense account is an asset, thus not a temporary account either.
What account type is a prepaid expense account?
A prepaid expense account is an asset, thus not a temporary account either.
What account types is a prepaid expense account?
A prepaid expense account is an asset, thus not a temporary account either.
What is the classification and normal balance of the supplies expense account?
debit
The classification and normal balance of the supplies expense account is a or an?
liability with a credit balance
What is A temporary account used in closing revenue and expense accounts called?
The answer is income summary.
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.
Is supplies expense a liability or asset?
Supplies expense is neither an asset nor a liability it is an expense. Prepaid supplies would be an example of an asset and as the supplies are used they become expenses, supplies expense.
What are temporary current assets?
Temporary current assets would probably refer to items that are used up quickly and then replaced.Items such as office supplies, cleaning supplies, things to keep a business operational are considered assets, but because they are used up quickly and replenished regularly, they are considered "temporary".Supplies once used, become an expense.
Is expense a asset or liability?
Supplies expense is neither an asset nor a liability it is an expense. Prepaid supplies would be an example of an asset and as the supplies are used they become expenses, supplies expense.
