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debit office supplies
credit Accounts Payable
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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.
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
What is the meaning of outstanding liability?
The amount of liability which is yet to be paid as on the balance sheet date is known as outstanding liability
Is outstanding Liabilities can debit balance?
Outstanding liabilities has credit balance as normal balance but it can also be debit balance in case outstanding liabilities has paid more than actual amount of liabilities.
Why are there two account titles in the amount column of the purchases journal?
There are two account titles in the column of the purchases journal because if a purchase is made for cash, the transaction is not recorded in the purchases journal.
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.
Where can you purchase cheap office pens?
One can purchase inexpensive office supplies at many office supply stores. Additionally purchasing a large amount of these office supplies, such as pens, may also offer an additional discount.
What websites offer discount office supplies?
You can purchase a large amount of discount office supplies from OfficeSupply (www.officesupply.com). Staples (www.staples.com) are also a good place to find office supplies on sale. Also consider looking in unconventional places, such as car boot sales.
Where is an office supplies store in Fayetteville NC?
Check on line, you will see a lot of office supplies stores. Most of them offer free shipping over certain amount of money, which will save you time and gas to drive to an office supply store.
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
If a company returns defective supplies that were purchased for by cash and receives cash refund is this transaction recorded in Cash Receipts Journal?
Yes, the transaction of returning defective supplies and receiving a cash refund would typically be recorded in the Cash Receipts Journal. The entry would involve debiting the accounts payable or purchases returns account for the amount of the defective supplies and crediting the cash account for the amount of the refund received.
What is the outstanding principal amount on the loan?
The outstanding principal amount on a loan is the remaining balance that has not yet been paid back.
Where can I get free shipping for my office goods?
Two major office supply chains are: Officemax.com and Staples.ca. They offer free shipping, though you may have to buy a certain amount of supplies to receive free shipping.
What is the average amount outstanding on US mortgages?
In 2004 the figure was $136,000. Based upon that, I estimate the average amount in outstanding mortgages today is not more than $250,000.
What is the meaning of outstanding liability?
The amount of liability which is yet to be paid as on the balance sheet date is known as outstanding liability
How do you calculate PAR levels?
par = (total outstanding or portfolio - delequent amount)/ total portfolio or total outstanding
What is Total outstanding authorization amount?
A "Total outstanding authorization amount" is an amount (usually money) that is with held from the current running total on the account. Normally you'll see this on a bank account or credit card transaction that is pending.
