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What type of expense would use office supplies on hand that will be used in the next period?
Office supplies on hand that will be used in the next period are typically classified as a current asset rather than an expense. When these supplies are purchased, they are recorded as inventory. As they are utilized in the subsequent period, their cost is then recognized as an expense, specifically under "office supplies expense" in the income statement. This aligns with the matching principle in accounting, which aims to match expenses with the revenues they help generate.
What else can I help you with?
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.
Office supplies are what kind of asset?
Office Supplies are expenses in nature because they are expense to company/ business and didn't generate any revenue for business. but if your Looking for office supplies for your business then you should visit Our-Eshop. Our website offers you to purchase office supplies and other products like school supplies, printing, online greeting card, and more. Fast evolving world and digitalization happening, keeping in mind they have launched Online Stationery & Printing
Is supplies on hand would be classified as an expenses?
No, supplies on hand would not be classified as an expense. Instead, they are considered an asset on the balance sheet because they represent resources that the business has purchased but not yet consumed. Once the supplies are used in operations, their cost would then be recognized as an expense.
If the transaction paid cash for office supplies the accounts affected would be?
If the transaction paid cash for office supplies, the accounts affected would be "Office Supplies" and "Cash." The Office Supplies account would be debited to reflect the increase in supplies, while the Cash account would be credited to indicate the decrease in cash due to the payment. This transaction affects both the asset accounts, with office supplies increasing and cash decreasing.
What is an example to correct entry to replenish a petty cash fund?
To replenish a petty cash fund, you would typically make an entry that debits various expense accounts and credits the cash account. For example, if you are replenishing $100 spent on office supplies and $50 on travel expenses, the journal entry would be: Debit Office Supplies Expense $100 Debit Travel Expense $50 Credit Petty Cash $150. This entry reflects the expenses incurred and reduces the petty cash balance accordingly.
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.
Is supplies for administrative office classified as period cost of product cost?
Supplies for an administrative office would be classified office supplies, which is always treated as a cost of a period. Supplies for a manufacturing company would be classified as a product cost, i.e. wood (supply) in order to make desks (end product).
Office supplies are what kind of asset?
Office Supplies are expenses in nature because they are expense to company/ business and didn't generate any revenue for business. but if your Looking for office supplies for your business then you should visit Our-Eshop. Our website offers you to purchase office supplies and other products like school supplies, printing, online greeting card, and more. Fast evolving world and digitalization happening, keeping in mind they have launched Online Stationery & Printing
Is supplies on hand would be classified as an expenses?
No, supplies on hand would not be classified as an expense. Instead, they are considered an asset on the balance sheet because they represent resources that the business has purchased but not yet consumed. Once the supplies are used in operations, their cost would then be recognized as an expense.
If the transaction paid cash for office supplies the accounts affected would be?
If the transaction paid cash for office supplies, the accounts affected would be "Office Supplies" and "Cash." The Office Supplies account would be debited to reflect the increase in supplies, while the Cash account would be credited to indicate the decrease in cash due to the payment. This transaction affects both the asset accounts, with office supplies increasing and cash decreasing.
What is an example to correct entry to replenish a petty cash fund?
To replenish a petty cash fund, you would typically make an entry that debits various expense accounts and credits the cash account. For example, if you are replenishing $100 spent on office supplies and $50 on travel expenses, the journal entry would be: Debit Office Supplies Expense $100 Debit Travel Expense $50 Credit Petty Cash $150. This entry reflects the expenses incurred and reduces the petty cash balance accordingly.
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.
Which would not be a an expense for a candidate running for a national office?
Salary for the candidate would not be an expense since the candidate does not receive a salary.
.Which would not be an expense for a candidate running for a national office?
Salary for the candidate would not be an expense since the candidate does not receive a salary.
Which would not be an expense for a candidate running for national office?
Salary for the candidate would not be an expense since the candidate does not receive a salary.
For the transaction paid cash for office supplies the accounts affected would be?
In the transaction where cash is paid for office supplies, the accounts affected would be "Office Supplies" and "Cash." The Office Supplies account would be debited to reflect the increase in assets, while the Cash account would be credited to show the decrease in cash assets due to the payment.
