yes supplies are considered as assets
supplies that are owned owned = asset = 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.
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.
Supplies on hand and paid for are assets.
In accounting, supplies are typically considered an asset and are recorded as a debit when purchased. When supplies are used or expensed, that expense is recorded as a credit. Thus, the initial purchase of supplies increases the asset account, while usage decreases it through an expense account entry.
I think the total asset will decreases
When a company uses $1,430 of its cash to purchase supplies, the accounting equation (Assets = Liabilities + Equity) is affected by a decrease in cash (an asset) and an increase in supplies (also an asset). The overall total of assets remains unchanged since one asset is exchanged for another. Therefore, there is no impact on liabilities or equity.
Supplies are those items which purchased in bulk to be used during the operations of business so it is current asset and shown under current asset section of balance sheet and not part of income statement.
The money supply is commonly defined to be a group of safe asset.
Supplies inventory is a part of balance sheet asset side while when those supplies used then those are supplies expenses which shows in income statement in profit and loss section.
Supplies (sometimes also referred to as "inventory", depending on your industry) is an asset, or more specifically, if you are using a classified balance sheet format, current asset, account. The reason for this is that supplies and inventory are seen as being able to be used for production or converted to cash within one year.
Most supplies are considered current/ short-term assets because they will be utilized within one year (fiscal or calendar).