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Replace Sentence to the Corporate Supplies

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Aug 6th, 2022

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How to Replace Sentence to 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

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.

How do you centralize office supplies?

Store items in a central location. Its much easier to keep track of your office supplies when they are stored in the same area. If you dont have a centralized office supply area, you might want to consider creating one on a shelf, inside of a closet, or on top of an unused desk or counter in the office.

What is another word for office supplies?

stationery envelopes. letterhead. office supplies. pen and paper. writing paper.

What is the meaning of office supplies in accounting?

Office supplies expense is the amount of administrative supplies charged to expense in a reporting period. These items are charged to expense when used; or, if the cost of supplies is immaterial, it is charged to expense when the cost is initially incurred.

What does office supplies mean in business?

For purposes of defining Office Supply (or Office Supplies) as it relates to procurement, the meaning is understood to be: A consumable item/product used regularly in an office environment to perform departmental personnels daily work assignments.

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