WebYour business purchased office supplies of $2,500 on account. The journal entry to record this transaction is as follows: OA. Accounts and Explanation Debit Credit Cash 2,500 Accounts Payable 2,500 O B. Accounts and Explanation Debit Credit Accounts Payable 2,500 Office Supplies 2,500 C. Accounts and Explanation Debit Credit Office Supplies …
Revised Fall 2012 CHAPTER 2 ACCOUNTING FOR …
For example, suppose a business purchases supplies such as paper towels, cleaning products and other consumables for a total amount of 50, and pays for the items with cash. The purchase of supplies for cash is recorded in the accounting records with the following bookkeeping journal entry: See more Debit The business has received consumable supplies (paper towels, cleaning products, etc.) and holds these as a current asset as supplies on hand. Credit The credit … See more The accounting equation, Assets = Liabilities + Owners Equitymeans that the total assets of the business are always equal to the total liabilities plus the total equity of the … See more This paid cash for supplies journal entry is one of many examples used in double entry bookkeeping, discover another at the links below. 1. Non-Cash Capital Introduction 2. Paid Cash on Account Journal Entry 3. Set … See more WebJournal Entry for Cash Purchase When the company purchases the item using cash, they need to record cash decrease and debit assets or expenses which depend on the nature … hemlow instagram
Bought supplies on credit journal entry - Accountinginside
WebOct 4, 2024 · Purchase Office Supplies on Account Accounting Equation The accounting equation, Assets = Liabilities + Owners Equity means that the total assets of the … WebMar 14, 2024 · Purchased equipment for $650,000 in cash. DR Equipment 650,000 CR Cash 650,000 To learn more, launch our free accounting courses. Example 3 – Purchasing inventory journal entry Purchased … WebJournal Entry for Prepaid Expense Adjustment: In this case, the expense account debits and the prepaid expense account credits. Purchased Inventory Journal Entry: If the inventory purchased is worth $90000, … hemlow helpdesk