The amount which is paid on account(credit) should be recorded in a liability account i believe while record the purchased supplies in the asset.
debit accounts payablecredit supplies return account
Accounts payable and Cash accounts
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.
Office supplies acct is an account that you book as payables and a offfice supplies expense account is a Liability Account on your Chart of accounts
The amount which is paid on account(credit) should be recorded in a liability account i believe while record the purchased supplies in the asset.
debit accounts payablecredit supplies return account
The journal entry to record payment for supplies would involve crediting the cash account and debiting the supplies expense account.
Accounts payable and Cash accounts
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.
Purchases on account increases both Assets and Liabilities. Since a purchase on account becomes and account payable it is a liability account and the company's liabilities will increase the amount of the purchase. More than likely the purchase is for some type of equipment or supplies the company needs to operate and therefore is an asset to the company and that asset will increase by the same amount. Let's say Company X purchases $5,000 in supplies from company Z on account, Company X will record the transaction as follows. Supplies (dr) $5,000 Acc.Pay. Comp. Z (cr) $5,000 Remember Assets = Liabilities + Equity Assets increase with a debit Liabilities and Equity increase with a credit.
Purchase account is a record account in which all inventory purchases are noted. This is commonly used with the periodic inventory method.
Office supplies acct is an account that you book as payables and a offfice supplies expense account is a Liability Account on your Chart of accounts
No Electricity account is non-trade accounts payable as trade accounts payable are those suppliers only from which company purchase supplies for sale purpose.
Yes, you can purchase bulk daycare supplies online. You can purchase them at www.inetgiant.com/Tags/-daycare-supplies.
When some purchased supplies are returned back to suppliers due to some problem in supplies or due to any defect these returns are charged to purchase returns account and reduction in actual purchases.
You can purchase garden supplies online at Greenpathgardensupply.com. You can also get them at Gardeners.com.