Example of supplies on hand, Accounting Basics

Assignment Help:

Q. Example of supplies on hand?

On 2010 December 4 Micro Train Company buy supplies for USD 1400 and recorded the transaction as follows

722_Example of supplies on hand.png

Micro Train's two accounts recitations to supplies are Supplies on Hand (an asset) and Supplies Expense. Subsequent to this entry is posted, the Supplies on Hand account shows a debit balance of USD 1400 and the Supplies Expense account has a zero balance as shown in the following T-accounts

2229_Example of supplies on hand1.png


Related Discussions:- Example of supplies on hand

Journal, Why to and by using in journal, trading a/c, p&l a/c and ledger?

Why to and by using in journal, trading a/c, p&l a/c and ledger?

Illustrate accumulated depreciation account, Q. Illustrate accumulated depr...

Q. Illustrate accumulated depreciation account? Micro Train place depreciation expense in its income statement and it reports accumulated depreciation in the balance sheet as a

Which of the following about debits and credits is false, Which of the foll...

Which of the following about debits and credits is false? A. Credits increase revenues, gains and bonds payable B. Debits increase salaries expense and prepaid expenses (prepayment

What is the original annual mortgage payment, You just took out a variable-...

You just took out a variable-rate mortgage on your new home. The mortgage value is $100,000, the term is 30 years, and initially the interest rate is 8%. The interest rate is fixed

Enumerate about the income summary account, INCOME SUMMARY ACCOUNT This...

INCOME SUMMARY ACCOUNT This is a temporary account which used to summarize the balances of temporary revenue and expense accounts. This is also known as a clearing account. The

Prepare an income statement for the current year, The assets and liabilitie...

The assets and liabilities of Amos Moving Services at May 31, 2011, the end of the current year, and its revenue and expenses for the year are listed below.  On April 1, 2010, the

Partnership act, If partners do not draw up a partnership agreement, the pr...

If partners do not draw up a partnership agreement, the provisions of the Partnership Act apply on which statement is true like a provision of the Partnership Act? A Interest on

Prepare the accounting journal and fasb, Scanlon Technologies, Inc. Ann...

Scanlon Technologies, Inc. Anne Scanlon founded Scanlon Technologies, Inc., in 1993. The company designed andmanufactured high-tech products that were used in various industrie

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd