0
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 else can I help you with?
What account is affected in an account journal when you avail of purchase discount for office supplies that was bought on account?
Accounts payable and Cash accounts
Which journal does bought office supplies on account go to?
Purchases journal
What is journal entry for supplies bought on account?
Debit supplies inventoryCredit accounts payable
When supplies are bought on account the account debited is?
When supplies are bought on account, the account debited is the Supplies or Inventory account, reflecting an increase in assets. The corresponding credit entry is made to Accounts Payable, indicating a liability to pay the supplier in the future. This transaction follows the double-entry accounting principle, ensuring that the accounting equation remains balanced.
What is the accounting entries when goods are bought on credit?
The journal entry is the accounting entry which lists the goods that are bought on credit.
What account is affected in an account journal when you avail of purchase discount for office supplies that was bought on account?
Accounts payable and Cash accounts
Which journal does bought office supplies on account go to?
Purchases journal
What is journal entry for supplies bought on account?
Debit supplies inventoryCredit accounts payable
When supplies are bought on account the account debited is?
When supplies are bought on account, the account debited is the Supplies or Inventory account, reflecting an increase in assets. The corresponding credit entry is made to Accounts Payable, indicating a liability to pay the supplier in the future. This transaction follows the double-entry accounting principle, ensuring that the accounting equation remains balanced.
What nominal account heading will you give to flashlights and batteries bought for consumption by a firm?
miscellanous supplies
Where can teacher supplies be bought at?
"Teacher supplies can be bought at numerous places. Some of the places to find teacher supplies are WalMart, Homeroom Teacher, Education Station, and Nextag."
What is the journal entry for a cash purchase?
Debit Asset a/c if asset a/c is bought and credit Cash a/c OR if these are sundry supplies debit that head and credit cash acct
What is journal entry of bought motorcycle for personal use for rs 6000 and payment was made out of business money?
Drawing A/c ------Dr 6000 To Bank A/c 6000
Where can blank journal books be bought?
Blank journal books can be bought from a number of stores and online retailers. One can buy them from Amazon, eBay, Walmart, Barnes & Noble and Paper Blanks.
What is the accounting entries when goods are bought on credit?
The journal entry is the accounting entry which lists the goods that are bought on credit.
What is bought supplies for cash?
"Bought supplies for cash" refers to the purchase of goods or materials where payment is made immediately in cash, rather than through credit or on account. This transaction typically involves a straightforward exchange, where the buyer receives the supplies and the seller receives cash upfront. It is a common practice in retail and small businesses, ensuring that the seller receives instant payment without the risks associated with credit sales.
How did colonial soldiers get their weapons and supplies?
They bought them :D
