Question

stock of stationery how to solve this entry
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Answer 1

Answer:

In a basic bookkeeping or financial accounting class, which I’ve taught at various places by the way, you’d learn that this transaction involves debiting an asset account for the item you bought to help you run or support your business. And it would involve crediting either another asset account or a liability account for the method of payment.

So you’d:

Debit Supplies or Office Supplies

Credit Cash if you’re paying for it right away or Accounts Payable if you’re going to pay it later on. And yes, you might need to credit both if you’re going to partially pay cash with the rest owed at a later date

Notice how we didn’t expense anything yet! At the end of the period, you’d make an adjustment for the amount of supplies that were used. And expense this with an adjusting entry as follows:

Debit Supplies Expense

Credit Supplies or Office Supplies

Now we do have some bookkeepers out there who will directly expense the purchase of these supplies. So they will:

Debit Supplies Expense

Credit Cash or Accounts Payable

This way, they do not have to make an adjustment at the end of the period for the amount of supplies used. But notice how you’re not entering anything for the actual supplies that were bought. So those supplies will not be reflected on your Balance Sheet! And you’re not matching just the portion of the supplies used during the period. Instead, you’re expensing the full amount in the period in which those supplies were purchased. So there is a matching problem, but one many feel is not significant enough to distort the financials.

Answer 2

Answer:

i don't know sorry....