Which entry records the purchase of office supplies?

Which entry records the purchase of office supplies?

Which entry records the purchase of office supplies?

Accounts Receivable; debit; Office Supplies, creditAnswer to: CExplanation : When any purchase is made on an account, then an obligation under Accounts Payable will be created. Office Supplies will be debited, and Accounts Payable will be credit. 112.

Which of the following asset accounts is increased when receivable is collected?

When a company collects an accounts receivable, one asset account grows (cash), and another asset account shrinks (accounts due).

Which of the following entries records the receipt of cash for two months rent the cash was received in advance of providing the service?

The normal balance is the portion of the account that grows. Which entry records cash received for rent payments of two months? Cash was received prior to the provision of the service. Cash, debit, unearned rent, credit.

Which side of the account increases the cash amount?


Which of the following best describe accounting?

Accounting refers to the systematic and complete recording of financial transactions End. to a business. Accounting is also the process of summarizing and analysing these transactions for regulators, oversight agencies, and tax collection entities.

Which function best describes bookkeeping?

Bookkeeping records financial transactions and other information on a daily basis. It helps to ensure that financial transactions are accurate, complete, and up-to-date. It is essential that the records are accurate.

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What are the costs incurred in running a business also known as?

Startup costs are expenses incurred in the creation of a new business. Advertising, promotion, employee expenses, and other costs associated with startup after-opening are all included.

What are the different types of business expenses?

Understanding Business Expenses

  • Advertising and marketing expenses.
  • Credit card processing fees.
  • Education and training expenses for employees.
  • Certain legal fees.
  • License and regulatory fees.
  • Wages paid to contract employees.
  • Employee benefits programs.
  • Equipment rentals.

What are two examples of expenses in the food category?

What are two examples of expenses in the food category?…

  • Property tax.
  • Payroll tax.
  • Income tax.

WHAT IS A Expense statement?

Definition. According to the University of Maryland’s quick guide, an expense statement is a detailed listing of financial transactions that includes expenses. Companies use expense statements to reimburse employees for personal expenses while on business trips.

What is other expenses in accounting?

(Accounting: Financial statements, Income statement) Other expenses are expenses that do not relate to a company’s main business. Other than operating costs, a company must consider other expenses such as interest expense or losses due to the disposal of fixed assets.