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Supplies expense is not classified as an asset or a liability; it is an expense on the income statement. When supplies are purchased, they are recorded as an asset (supplies inventory) and then expensed when used. Thus, supplies expense reflects the cost associated with using the supplies during a specific period.
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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.
Is rent expense an asset or liability?
Its an asset.
Is sales revenue an expense or asset?
Sales is a revenue not an expense or asset while difference between sales and expense is profit which is liability for business.
Is purchase returns an asset or liability?
purchase return is assets or liability or expense
Is accounts payable a liability or an expense?
Accounts Payable is a liability. Accounts receivable is an asset.
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.
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.
Is depreciation expense an asset or liability?
Depreciation expense is neither an asset or liability. It is an expense.
Is rent expense an asset or liability?
Its an asset.
Are cleaning supplies an asset or liability?
supplies that are owned owned = asset = asset
Is electricity a liability or asset?
Electricity expense is an expense account while accrued electricity payable is a liability account
Is sales revenue an expense or asset?
Sales is a revenue not an expense or asset while difference between sales and expense is profit which is liability for business.
Is purchase returns an asset or liability?
purchase return is assets or liability or expense
Is accounts payable a liability or an expense?
Accounts Payable is a liability. Accounts receivable is an asset.
Is wage expense asset liability or owner's equity?
neither
Is wages expense a asset liability or owners equity?
neither
Would extra payments made on a credit card be an asset liability income or expense?
liability
