Easily Remove Calculations from the Corporate Supplies

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How to Remove Calculations from the Corporate Supplies

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[Music] now lets learn how to do the adjusting entry for another prepaid expense office supplies so on may 1st rexter incorporated my favorite company paid 600 for office supplies so we just need to do the journal entry now for the purchase of the office supplies so in the general journal we put may 1st as a date and then what are we getting out of this transaction were getting office supplies theyre not going to be used up right away so therefore they have a future value and were going to call that asset office supplies a plus is reminding this asset going up so in the debit im going to put 600 and then i post the 600 down to the t account which represents a ledger and then how did we pay for it we paid for it with cash so cash is an asset and its going down so i need to credit that asset and then in our explanation we say we bought office supplies now its time for the adjustment remember we purchased office supplies on may 1st but now its june 30th so rexter incorporated crea

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What is the meaning of office supplies expense in accounting?

Supplies expense in accounting refers to the cost of a collection of goods that the company used during a specific reporting period to operate. Staff members may use these items regularly to complete their daily tasks.

How does a company determine the amount of supplies used?

A company usually determines the amount of supplies used during a period by taking the difference between the balance of the Supplies account and the cost of supplies on hand. Any difference between the two balances are assumed to be used or incurred for the period.

What is the adjusting entry for supplies?

The adjusting entry needs to be recorded by debiting supplies expense and crediting cash. The credit (reduction in the asset) is necessary because office supplies are consumed during the period and will become an expense when used up.

What is an example of a supplies expense?

For example, an accountant might consider ink cartridges for the office printer as a supplies expense. Staff members typically use supplies faster than long-term investments like equipment, so companies often stock supplies regularly. Before a staff member uses an item, an accountant may consider it an asset.

How to calculate the amount of supplies used during the period?

A company usually determines the amount of supplies used during a period by taking the difference between the balance of the Supplies account and the cost of supplies on hand. Any difference between the two balances are assumed to be used or incurred for the period.

How do you calculate supplies expense adjusting entry?

For example, if the beginning balance is $5,000 and you have $4,000 of supplies on hand, you used $1,000 of supplies during the month. The adjusting entry is to debit supplies expense for $1,000 and credit supplies for $1,000. The ending balance in the supplies account should be $4,000.

How do you calculate supplies expense?

Determine Usage of Supplies Look at the starting balance of the supplies account and subtract your current supplies on hand from that balance. For example, if the balance of your supplies account equals $790, the cost of the supplies used for the period equals $220.

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