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At December 31 the unadjusted trial balance of H and ampR Tacks reports Supplies of 9300 and Supplies Expense of 0. On December 31 supplies costing 7850 are on hand. and Acirc and nbsp 1. Prepare the?
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
Purchased 6500 worth of laundry supplies and recorded the purchase as an asset On June 30 an inventory of the laundry supplies indicated only 1000 on hand what is the adjusting entry?
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.
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 supplies and supplies expense the same thing?
No, supplies and supplies expense are not the same thing. "Supplies" refers to the physical items or materials that a business uses in its operations, while "supplies expense" represents the cost associated with those supplies that have been consumed during a specific accounting period. When supplies are purchased, they are typically recorded as an asset, and when they are used, their cost is transferred to supplies expense on the income statement.
Does supplies expense have a debit or credit balance?
Supplies expense typically has a debit balance. In accounting, expenses are recorded as debits, which increase the total expenses on the income statement. When supplies are purchased, the supplies expense account is debited to reflect the cost incurred. Conversely, when supplies are used, the expense account is still debited, as it represents a cost to the business.
At December 31 the unadjusted trial balance of H and ampR Tacks reports Supplies of 9300 and Supplies Expense of 0. On December 31 supplies costing 7850 are on hand. and Acirc and nbsp 1. Prepare the?
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
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.
What does an asset expense relationship exist with?
prepaid expense adjusting entries
An adjusting entry would adjust an expense account so the expense is reported when incurred?
True
The ledger of Piper Rental Agency on March 31 of the current year included the following selected accounts before adjusting entries have been prepared.?
1. Mar. 31 Depreciation Expense ($400 X 3)   1,200 Accumulated Depreciation-   Equipment   1,200 2. 31 Unearned Rent 3,300 Rent Revenue ($9,900 X 1/3) 3,300 3. 31 Interest Expense   500 Interest Payable   500 4. 31 Supplies Expense 2,100 Supplies ($2,800 - $700) 2,100 5. 31 Insurance Expense ($200 X 3)   600 Prepaid Insurance   600
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
Does supplies expense go on the balance sheet?
It should affect two accounts and two statements.dr Supplies Expenses (+E, -SE)cr Supplies (-A)So, supplies expense is on your income statement but is also reflected on your balance sheet because it lessens the value of your assets in supplies.Income SheetRevenuesExpenses(supplies expense)Balance SheetAssetsCashSupplies
Is supplies expense a temporary account?
yes it is
If an adjusting entry is not made for an accrued expense?
If adjusting entry not made then profit will be overstated while the expenses will be understated.
E3-7 the ledger of Piper Rental Agency on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared.?
1. Mar. 31 Depreciation Expense ($400 X 3)   1,200 Accumulated Depreciation-   Equipment   1,200 2. 31 Unearned Rent 3,300 Rent Revenue ($9,900 X 1/3) 3,300 3. 31 Interest Expense   500 Interest Payable   500 4. 31 Supplies Expense 2,100 Supplies ($2,800 - $700) 2,100 5. 31 Insurance Expense ($200 X 3)   600 Prepaid Insurance   600
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.
