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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.
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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
What accounts would be affected and how by a transaction to purchase supplies for cash?
This is one of the simplest transactions you can do in accounting. Because you are 1. purchasing supplies and 2. you are using cash.You already stated part of your answer in the question. The two accounts affected are 1. Cash and 2. SuppliesBecause you are spending cash, cash will decrease (credited) and since you are receiving supplies, supplies will increase (debit). Remember both of these accounts are asset accounts and therefore both maintain a debit balance. To increase an asset you must debit it, to decrease it you must credit it.
What accounts are not affected by closing entries?
the accounts affected by closing entries are temporary accounts like expenses
What accounts affected in received payment on account?
"what accounts are affected and how when a payment on account is received from a customer
are any of these permanent accounts supplies expense fees income or owner's drawing?
Among the accounts listed, "supplies" and "income" are considered permanent accounts, as they carry over their balances from one accounting period to the next. In contrast, "supplies expense," "fees," and "owner's drawing" are temporary accounts that are closed at the end of each accounting period. Temporary accounts are used to track financial activity for a specific period and reset to zero at the start of the next period.
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
When purchases are made on credit what three accounts are affected on a balance sheet?
Assets are affected such as supplies are increased on debit side. Accounts payable is affected by being credited or increased. Owners equity is also affected by being credited or lowered on the balance sheet.
What accounts would be affected and how by a transaction to purchase supplies for cash?
This is one of the simplest transactions you can do in accounting. Because you are 1. purchasing supplies and 2. you are using cash.You already stated part of your answer in the question. The two accounts affected are 1. Cash and 2. SuppliesBecause you are spending cash, cash will decrease (credited) and since you are receiving supplies, supplies will increase (debit). Remember both of these accounts are asset accounts and therefore both maintain a debit balance. To increase an asset you must debit it, to decrease it you must credit it.
What accounts are not affected by closing entries?
the accounts affected by closing entries are temporary accounts like expenses
What accounts are affected by closing entries?
the accounts affected by closing entries are temporary accounts like expenses
What accounts affected in received payment on account?
"what accounts are affected and how when a payment on account is received from a customer
What is journal entry for supplies bought on account?
Debit supplies inventoryCredit accounts payable
What accounts are affected and how when merchandise is purchased for cash?
no accounts, the only time an account would be affected is when you withdraw or deposit money into/from it, cash is nearly untraceable and does not affect your bank accounts
How many accounts are affected by a transaction?
2
What is journal entry to record return of supplies on account?
debit accounts payablecredit supplies return account
What is the greatest demand on freshwater supplies?
Agriculture accounts for 78%
What accounts are affected when services are provided on account?
Accounts Receivable - Debit Service Revenue - Credit
