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Remove Line to the Corporate Supplies

Remove Line to the Corporate Supplies and eSign it in minutes

Aug 6th, 2022

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How to Remove Line to the Corporate Supplies

5 out of 5

70 votes

[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

Got questions?

Below are some common questions from our customers that may provide you with the answer you're looking for. If you can't find an answer to your question, please don't hesitate to reach out to us.

What do you mean by office supplies?

Office supplies are consumables and equipment regularly used in offices by businesses and other organizations, by individuals engaged in written communications, recordkeeping or bookkeeping, janitorial and cleaning, and for storage of supplies or data.

Is laptop an office supply?

General office expenses are related to office operations. Your general office expenses list might include desktop and laptop computers and tablets, office phone systems and employee cellphones, accounting software, website services and internet fees.

What is the difference between office supplies and office equipment?

Equipment is considered more permanent and longer lasting than supplies, which are used up quickly. Equipment includes machinery, furniture, fixtures, vehicles, computers, electronic devices, and office machines. Equipment does not include land or buildings owned by a business.

What is office supplies an example of?

Office supplies are usually considered an expense.

What falls under office supplies?

Office supplies are items that aid in the short-term operation of your business. These items usually need to be refilled or replaced. These include items such as printer ink, paper clips, paper, pens, staples, record keeping supplies, janitorial supplies, break room supplies, etc.

What is the entry to remove equipment that is sold before it is fully depreciated?

Credit the account Equipment (to remove the equipments cost) Debit Accumulated Depreciation (to remove the equipments up-to-date accumulated depreciation) Debit Cash for the amount received.

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