WebFeb 3, 2024 · From the following, calculate the amount to be shown in the Income and expenditure account, in respect of stationery. Payment made for stationery during the year Rs. 700. Stock of stationery on the opening date and closing date Rs. 50 and 90 respectively. Amount due for stationery bought during the year Rs. 140. Answer: Question 6. WebThe cost of office supplies that are currently on hand by the end of an accounting period should be the balance in a current asset account that is labeled “Supplies”, while the cost of the supplies that are used up during an accounting period should be written in the income statement account under “Supplies Expense”.
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WebOct 4, 2024 · When a business purchases office supplies on account it needs to record these as supplies on hand. As the supplies on hand are normally consumable within one year … WebCartoon Students Gift Stationery A5 Notebook Hand Account Book Diary Book. AU $15.25. AU $16.23. Free postage. Cartoon Stationery Students Gift A5 Notebook Hand Account Book Diary Book. AU $15.30. AU $16.10. Free postage. Picture Information. Picture 1 of 11. Click to enlarge. Hover to zoom. Have one to sell? eb-s03 プロジェクター
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WebFeb 9, 2024 · Under the accrual basis of accounting, some organizations record unused office supplies in an asset account, such as Supplies on Hand, and charge items to … 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 … WebAdjusting entries made at the end of an accounting period accomplishes all of the following except: A. Updating liability and asset accounts to their proper balances. B. Assigning revenues to the p... View Answer. A company purchased $1,800 of merchandise on July 5 with terms 2/10, n/30. ebs03 プロジェクター