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What is the classification and normal balance of the supplies expense account?
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∙ 10y ago
debit
Wiki User
∙ 10y ago
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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
What is meant by adjustment entry?
An adjustment is usually an entry made near the end of an accounting cycle (often during the trial balance stage) to bring an account into balance. For instance, the "books" may show a certain quantity on hand -say 1000 units- of supplie, but when you do a physical count you discover there are only 900 units on hand. At this point you will have to make an adjusting entry to the supplies expense account (a credit balance account-the supplies account has a debit balance) of 100 to offset the supplies account and bring the account in balance: Or you can just credit the difference directly into the supplies account: Debit Credit Balance Supplies- 1000 (100) 900
The office supplies account showed a beginning debit balance of P6000 and purchases of P10000.The ending debit balance was P4000.?
Office supplies beginning balance 6000Add: Purchases 10000Total 16000Less:closing balance 4000Supplies expense for current period 12000
Is supplies expense a temporary account?
yes it is
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
What is meant by adjustment?
An adjustment is usually an entry made near the end of an accounting cycle (often during the trial balance stage) to bring an account into balance. For instance, the "books" may show a certain quantity on hand -say 1000 units- of supplie, but when you do a physical count you discover there are only 900 units on hand. At this point you will have to make an adjusting entry to the supplies expense account (a credit balance account-the supplies account has a debit balance) of 100 to offset the supplies account and bring the account in balance: Or you can just credit the difference directly into the supplies account: Debit Credit Balance Supplies- 1000 (100) 900
What is meant by adjustment entry?
An adjustment is usually an entry made near the end of an accounting cycle (often during the trial balance stage) to bring an account into balance. For instance, the "books" may show a certain quantity on hand -say 1000 units- of supplie, but when you do a physical count you discover there are only 900 units on hand. At this point you will have to make an adjusting entry to the supplies expense account (a credit balance account-the supplies account has a debit balance) of 100 to offset the supplies account and bring the account in balance: Or you can just credit the difference directly into the supplies account: Debit Credit Balance Supplies- 1000 (100) 900
The office supplies account showed a beginning debit balance of P6000 and purchases of P10000.The ending debit balance was P4000.?
Office supplies beginning balance 6000Add: Purchases 10000Total 16000Less:closing balance 4000Supplies expense for current period 12000
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
Is the drawings account an expense account?
The Drawings account is not an expense account. It is a contra equity account. Therefore, it appears on the balance sheet.
What is the normal balance of a expense account?
debit
What is the normal balance of an expense account is?
Debit
What accounts will not be closed to the Capital account at the end of the fiscal year?
All income and expenditure accounts are closed at Year End. and the balance is is shown on the Balance Sheet at Year end.
Is debit the normal balance in an expense account?
Yes it is.
