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

Angel, Angel Individual investors which are often called angels, make ...

Angel Individual investors which are often called angels, make capital investments in entrepreneurial ventures in return for equity (partial ownership) in the industry. These

Accounting Standards, Write short notes on 5 modern accounting techniques

Write short notes on 5 modern accounting techniques

Adjusting entries in the general journal, Adjusting entries in the general ...

Adjusting entries in the general journal Be sure to put down the words "Adjusting Entries" at the beginning of journal after the last entry of month. By placing these words at

Sap memory and abap memory, Difference between SAP MEMORY and ABAP MEMORY? ...

Difference between SAP MEMORY and ABAP MEMORY?  Ans) SAP Memory: Global, user-related memory that enlarges beyond transaction limits. Access to the SAP memory is through SPA/GPA

Payroll, Ask queMary Lapointe, the Chief Financial Officer of your Northern...

Ask queMary Lapointe, the Chief Financial Officer of your Northern Travel Experience company, has advised that the company will be opening an office in Nunavut this year. The offic

Hello, Hello, I'm having trouble understanding Direct Cost, Overhead Cost a...

Hello, I'm having trouble understanding Direct Cost, Overhead Cost and Indirect Cost. ***Also Period cost and Product cost. please can anyone explain it and give examples for eac

Explain double-entry procedure, Q. Explain double-entry procedure? The ...

Q. Explain double-entry procedure? The double-entry procedure maintains the accounting equation in balance. The dual recording process generates two sets of accounts those with

Accounting, briefly explain the accounting concepts which guide the account...

briefly explain the accounting concepts which guide the accountant at the recording stage

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