May 23, 2022/ Steven Bragg
Supplies are incidental items that are expected to be consumed in the near future. The normal accounting for supplies is to charge them to expense when they are purchased, using the following entry.
Thus, consuming supplies converts the supplies asset into an expense. Despite the temptation to record supplies as an asset, it is generally much easier to record supplies as an expense as soon as they are purchased, in order to avoid tracking the amount and cost of supplies on hand. Also, charging supplies to expense allows for the avoidance of the fees charged by external auditors who would otherwise want to audit the supplies on hand asset account. Answer: The correct choice is option D: Equipment is debited, Accounts payable is credited. Explanation: When we purchase items on account or credit, there will be the occurrence of accounts payable. In the case of purchase of equipment on account, debit what comes in i.e. equipment, and credit accounts payable. Thus, in the case of credit purchase, equipment a/c would be debited while accounts payable a/c would be credited. Wrong options: Option a: Accounts payable would not be debited but the equipment. Option b: Accounts payable would not be debited but the equipment. Option c: Cash a/c would not be credited but the accounts payable. Option e: Cash a/c would not be credited but the accounts payable. 112. Which of the following entries records the acquisition of office supplies on account?A.Office Supplies, debit; Cash, creditB.Cash, debit; Office Supplies, creditC.Office Supplies, debit; Accounts Payable, creditD.Accounts Receivable, debit; Office Supplies, credit113. Which of the following entries records the payment of rent for the current month?A.Cash, debit; Rent Expense, creditB.Rent Expense, debit; Cash, creditC.Rent Expense, debit; Accounts Receivable, creditD.Accounts Payable, debit; Rent Expense, credit114. Which of the following entries records the receipt of cash from patients on account?A.Accounts Payable, debit; Fees Earned, creditB.Accounts Receivable, debit; Fees Earned, creditC.Accounts Receivable, debit; Cash, creditD.Cash, debit; Accounts Receivable, credit115. Which of the following entries records the collection of cash from cash customers?A.Fees Earned, debit; Cash, creditB.Fees Earned, debit; Accounts Receivable, creditC.Cash, debit; Fees Earned, creditD.Accounts Receivable, debit; Fees Earned, credit 111. Which of the following entries records the acquisition of office supplies on account?A. Office Supplies, debit; Cash, creditB. Cash, debit; Office Supplies, creditC. Office Supplies, debit; Accounts Payable, creditD. Accounts Receivable, debit; Office Supplies, creditAnswer: CExplanation:When any Purchase made on account, then a liability under Accounts Payable is created.Hence, Office Supplies will debited and Accounts payable will Credited. Which entry records the acquisition of office supplies on account?Answer and Explanation: Answer: c. Office Supplies, debit; Accounts Payable, credit.
When office supplies are purchased on account which of these accounts is credited?In case of purchase of office supplies on account, office supplies will be debited, and accounts payable will be credited. In case of purchase of 15 gallons of gasoline for the delivery of truck, expenses paid on delivery are to be debited as well as cash is to be credited.
What is your journal entry on this transaction Purchased office supplies on account?This is an Expert-Verified Answer
A purchase of Office Equipment by the company on account is considered as the purchase of Office Equipment on credit. Therefore, the Journal Entry should be the debit to office equipment account and credit to the Accounts Payable Account.
What account is purchase office supplies?In the chart of accounts, the Cash account is a current asset account. Office Supplies is an operating expense account, and Accounts Payable is a liability account.
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Which of the following entries records the acquisition of office supplies on account
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