Paid $400 for office supplies

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WebA company purchased $400 of office supplies on account during May. All the supplies were used in May, and the account was paid during June. What would the impact of these …

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WebFeb 21, 2024 · Example. The Green Company purchased office supplies costing $500 on 1 January 2016. Out of this, supplies costing $150 remained unused on 31 December 2016. Required: In the company's books: Make a journal entry on 1 January 2016, when the office supplies are purchase. Make an adjusting entry on 31 December 2016 to record the … Web5. Purchased additional office equipment on account from Office Station Co., $6,500. 6. Received cash from clients on account, $15,300. 10. Paid cash for a newspaper advertisement, $400. 12. Paid Office Station Co. for part of the debt incurred on July 5, $5,200. 12. Recorded services provided on account for the period July 1–12, $13,300. 14. shocked auto union mo

What is the Adjusting Entry for Office Supplies? (Example and

WebThe new accounting equation would be: Assets $30,200 (Cash $13,900 + Supplies $500 + Prepaid Rent $1,800 + Equipment $5,500 + Truck $8,500) = Liabilities $200 + Equity … WebSep 19, 2024 · If you initially record office supplies as an asset, they become an expense when you use them. In that case, you would make an adjusting entry in your accounting records at the end of the ... WebNov 19, 2024 · Paid Cash for Supplies Journal Entry Example. 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 … shocked audience

Paid cash for supplies journal entry Example - Accountinguide

Paid Cash for Supplies Double Entry Bookkeeping

WebOffice Supplies – An Explanation. Office Supplies include copy paper, toner cartridges, stationery items, and other miscellaneous desk supplies. Given that many items are included in the office supplies, it is hard to keep accounts and manage inventory for all of them individually. Therefore, there is a need to club all these items under one ... WebOct 4, 2024 · As the supplies on hand are normally consumable within one year they are recorded as a current asset in the balance sheet of the business. Purchase Office … rabb jane garry sandhu song downloadWebCash and Cash Equivalent Problem 1 Timex Company reported petty cash fund which comprised the following: Coins and currency 3,300 Paid vouchers: Transportation 600 Gasoline 400 Office Supplies 500 Postage stamps 300 Due from employees 1,200 3,000 Manager’s check returned by the bank marked “NSF” 1,000 Check drawn by the entity to … shocked auto source

"WebBusiness Accounting Sonya Jared opened a law office on July 1, 2024 On July 31, the balance sheet showed Cash$5.000, Accounts Receivable $1,500, Supplies $500, Equipment $6,00O0, Accounts Payable $4,200, and Owner's Capital $8,800. During August, the following transactions occurred. " - Paid $400 for office supplies

Paid $400 for office supplies

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WebPS Music’s chart of accounts and the balance of accounts as of July 1, 2024 (all normal balances), are as follows: 11 Cash $3,920 41 Fees Earned $6,200 12 Accounts Receivable 1,000 50 Wages Expense 400 14 Supplies 170 51 Office Rent Expense 800 15 Prepaid Insurance — 52 Equipment Rent Expense 675 17 Office Equipment — 53 Utilities Expense … WebStudy with Quizlet and memorize flashcards containing terms like Received cash of $8,000 from issurance of common stock., Earned video rental revenue on account, $1,800, …

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WebIn this case, we can determine that the office supplies used up during the period with the formula as below: Office supplies used = Beginning office supplies + Bought-in office supplies – Ending office supplies. Office supplies used = 1,000 + 800 – 500 = 1,300. Likewise, the company ABC can make the journal entry for $1,300 of the office ... Web*1st December 2024 - 28 February 2024. For ABN holders in Western Australia only

WebAccounting questions and answers. + Ch 2 Learning Assignment Question 2 of 4 < > - 75 TIT 1. 2. 3. Cash is paid for the purchase of $400 of office supplies. Customer is billed $1,000 … WebJan 27, 2024 · Paid Cash on Account Bookkeeping Explained Debit. The amount is debited to the accounts payable account of the supplier to record the fact that the cash has been paid to them. It will later be allocated to an invoice posted on the account of the supplier. Credit. Cash has been paid by the business and needs to be credited to the asset account ...

WebIn this case, we can determine that the office supplies used up during the period with the formula as below: Office supplies used = Beginning office supplies + Bought-in office … Web• Sue K ojima opened a law office on July 1, 2014. ... the . balance sheet showed Cash $5,000, Acc ounts R eceivable $1,500, Supplies $500, E quipment $6,000, Accounts P ay able $4,200, and . ... Purchased additional equipment f or $2,000,paying $400 in cash . and the balance on account. 5. Paid salaries $2,500, ren t for August $900, and ...

WebApril 1.) Nozomi invested $30,000 cash and computer equipment worth $20,000 in the company. Received common stock (50,000 shares at $1 par). 2 .) The company rented furnished office space by paying $1,800 cash for the first & last month's rent. 3.) The company purchased $1,000 of office supplies for cash. 10.)

Web3. Paid $400 cash for May office rent. 4. Paid $500 cash for supplies. 5. Incurred $250 of advertising costs in the Beacon News on account. 6. Received $5,100 in cash from customers for repair service. 7. Withdrew $1,000 cash for personal use. 8. Paid part-time employee salaries $2,000. 9. Paid utility bills $140. 10. shocked autoWebFor example, on March 18, 2024, the company ABC purchases $ 1,000 of office supplies by paying with cash immediately. In this case, the company ABC can make the journal entry for the paid cash for supplies on March 18, 2024, as below: On March 19, 2024, the company … Statement of Cash Flows What is Statement of Cash Flows? Statement of cash flows … Why Cash is High-Risk. There are many reasons why cash is usually considered a … Cash Credit. Cash credit is the line of credit that allows company to borrow money … Semi Variable Cost Semi Variable cost, also known as mixed cost, is the cost which … Agreed Upon Procedures Overview Agreed-upon procedures engagement is a type … Method of Evaluating Capital Investment Proposals Capital Investment is the … Unearned revenue is a liability account which its normal balance is on the credit … Individualized Ad Experiences Using Ezoic Technology. Ezoic is a powerful machine … rabbiz hill resort chanthaburiWebExercise 4-2A Transaction Debit Credit 1 Invested cash in the business, $5,000 Cash Capital 2 Paid office rent, $500 Cash Rent 3 Purchased office supplies on account, $300 Office Supplies Accounts Payable 4 Cash Accounts Rec. 5 Paid cash on account, $50 Cash Accounts Rec. 6 Rendered services on account, $300 Accounts Rec. Services 7 Cash ... rabble - and bobtail crosswordWebB. P 400. C. P 900. D. P 500. Transcribed Image Text: A count of the petty cash fund having an imprest balance of P10,000 of Reyes Corp. showed its composition as follows: Currency and coins 2,900 Paid vouchers: Transportation Gasoline Office supplies Postage stamps Due from employees NSF check returned by bank Check drawn by the company to the ... rabble and bobtailWebJul 23, 2015 · Paid Cash for Supplies Journal Entry Example. For example, suppose a business purchases supplies such as paper towels, cleaning products and other … shocked baWebOffice Supplies – An Explanation. Office Supplies include copy paper, toner cartridges, stationery items, and other miscellaneous desk supplies. Given that many items are … rab bl2s-led120a50-b-5kWebApr 26, 2024 · DEBIT: Office Equipment 30000 (15000 x 2) CREDIT: De Asis, Capital 880000 (850000+30000)..... 2. PAID barangay and municipal TAXES, 3500. DEBIT: Taxes and Licenses Expense 3500 CREDIT: Cash 3500..... 3. Bought a small office CONDOMINIUM for 500000, giving 250000 CASH and signing a MORTGAGE payable in 10 years for the … rabbi yoel ferber lessons learned in moscow