Topic: Accounting Supplies
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Answers to Common Questions
What are the Accounting Procedures to Convert Supplies into Works...
Most companies maintain an inventory of raw materials or supplies on hand. These supplies are received by the warehouse and logged into inventory. There may be several different types of supplies in inventory, and the warehouse needs to mai... Read More »
Source: http://www.ehow.com/list_6832555_accounting-convert-supplies-work...
How to Adjust Entries for Supplies on Hand in Accounting
An adjusting entry to supplies ensures that the company's income sheet reflects the accurate amount of supplies on hand. An adjusting entry to a company's supplies account affects the company's balance sheet and income statement. When a com... Read More »
Source: http://www.ehow.com/how_8720066_adjust-entries-supplies-hand-acco...
What type of account is the supplies account?
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 invento... Read More »
Source: http://wiki.answers.com/Q/What_type_of_account_is_the_supplies_ac...
More Common Questions
Answers to Other Common Questions
Cash payments journal
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Source: http://wiki.answers.com/Q/What_purchase_of_supplies_on_account_is...
Increase is assets since your receiving supplies, and also a decrease in assets since your spending out cash - therefore your still keeping the equation in balance as they cancel each other out!
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Source: http://wiki.answers.com/Q/What_is_the_accounting_equation_for_pur...
Identification
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Source: http://wiki.answers.com/Q/What_requires_that_a_user_supply_a_vali...
Purchases journal
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Source: http://wiki.answers.com/Q/Which_journal_does_bought_office_suppli...
25% of earths fresh water is contained in the Great lakes
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Source: http://wiki.answers.com/Q/What_percentage_of_earths_freshwater_su...
inventory
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Source: http://wiki.answers.com/Q/Which_of_the_following_does_the_acid_te...
Accounts payable and Cash accounts
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Source: http://wiki.answers.com/Q/What_account_is_affected_in_a_account_j...
