Debit supplies inventoryCredit accounts payable
yes debited is a deduction from the account as it only taked whats int your account out if you have enough
debited
Purchases journal
Prepaid Rent is debited.
Debit supplies inventoryCredit accounts payable
yes debited is a deduction from the account as it only taked whats int your account out if you have enough
debited
Purchases journal
Prepaid Rent is debited.
Prepaid Rent is debited.
Accounts payable and Cash accounts
It is something that is entered into an account as a debt
Say I purchsed $500 in Office Supplies on account, I return the office supplies, since I purchased them on account, the company I purchased them from will extend me a credit to my account decreasing the balance I owe them by the said amount. My books will record....Account Payable (debit)Office Supplies (credit)I debit my Account Payable to show that I no longer owe that amount and I credit my Office Supplies to show that I no longer have that amount of supplies on hand.
NO.
Debited.
miscellanous supplies