a.sale of excess office equipment for cash b.rendering services for cash ⦠When a company purchases supplies, the cash account is credited and the supplies account is debited for the same amount. Omit explanations. On which side do assets, liabilities, equity, revenues and expenses have normal balances? 1 Answer. Accounting Basics Assignment Help, Purchase of supplies for cash is recorded, Question- A purchase of supplies for cash is recorded in the a) Cash Payments journal b) Cash Receipts journal c) Revenue journal d) Purchases journal When posting the column totals of a cash payments journal, a debit should be posted to . In case of a journal entry for cash purchase, âCashâ account and âPurchaseâ account are [â¦] Add your answer and earn points. Entering details of purchase transactions is a common activity you will perform in your MYOB software. nattoothman nattoothman 10/08/2019 Mathematics High School A purchase of supplies for cash is recorded in the 1 See answer nattoothman is waiting for your help. Rags. Examples of Factory Supplies. JOURNALIZING OTHER TRANSACTIONS. Accounting Accounting Assume that when a purchase of supplies of $2,650 for cash was recorded, both the debit and the credit were journalized and posted as $2,560. A purchase of supplies for cash is recorded in the . When posting the column totals of a cash payments journal, a debit should be posted to. a.purchase of store supplies on account b.return of damaged office equipment c.purchase of store supplies for cash d.purchase of office equipment for cash 2.Which of the following transactions is recorded in the revenue journal? c.⦠Get the answers you need, now! As the supplies on hand are normally consumable within one year they are recorded as a current asset in the balance sheet of the business. Try a ⦠Journal Entry for Credit Purchase and Cash Purchase To run successful operations a business needs to purchase raw material and manage its stock optimally throughout its operational cycle. When the equipment is placed into service, the company will begin to report depreciation expense on the profit and loss statements during the years that the equipment is used. Purchase of merchandise; What does a journal entry look like when cash is paid? The cash account will be overstated. Get an answer to your question âA purchase of supplies for cash is recorded in the ...â in ð Mathematics if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.âA purchase of supplies for cash is recorded in the ...â in ð Mathematics if there is no answer or all answers General Journal B. Machine lubricants. Cash Payments Journal. c. general journal. Relevance. A purchase of supplies for cash is recorded in the Get the answers you need, now! 1. When a company purchases an asset such as supplies and equipment, it receives the asset from a supplier. the purchase of non-current assets on credit such as the purchase of vehicles, equipment, furniture on credit; if the above were purchased for cash, the transaction would be recorded in the cash payments journal; the owner's contribution of capital in assets other than cash to the business (or drawings of an asset other than cash) Get the detailed answer: A purchase of supplies for cash is recorded in the a. purchases journal. CASH PAYMENT TO REPLENISH PETTY CASH --This cash payment increases the balances of the supplies accounts and several expense accounts and decreases the cash account balance. Cash b. purchase journal. a. cash receipts journal. Supplies Expense will be overstated and cash will be understated. c. The Supplies ⦠Which transactions are recorded on the credit side of a journal entry? A purchase of supplies for cash is recorded in the a. cash payments journal. A cash purchase of supplies should be recorded in the. When does a journal entry balance? Question: 1- A Purchase Of Supplies On Account Is Recorded In The A. The source document is a check. b. An adjusting entry must be recorded in the companyâs general journal to indicate the amount of supplies used in a given period. If the supplies are instead paid for with cash, the offsetting credit is to the cash account. Purchases journal c. Cash Receipts journal d. Cash Payments journal Answer Save. A cash purchase of supplies should be recorded in the. When supplies are initially recorded in the supplies expense account, the offsetting credit is usually to the accounts payable account. Consider the purchase of office supplies. Governmental accounting generally requires that amounts spent to purchase goods be recorded as an expenditure at the time of the purchase. b. b. If the purchase is for cash, the company pays cash to the supplier in exchange for the asset. c. cash payments journal. Find an answer to your question ð âA purchase of supplies for cash is recorded in the a. purchases journal b. cash payments journal c. revenue journal d. cash receipts journal ...â in ð Business if the answers seem to be not correct or thereâs no answer. Assume that when a purchase of supplies of $3,100 for cash was recorded, both the debit and the cred 1 decade ago. a. Purchase journal is used to record "Credit Purchases" for resale purpose like supplies from suppliers and hence no cash purchases are recorded as cash purchases are recorded in cash payment journal. B. All purchases of inventory are to be recorded using the Purchases - New Item window, while cash purchases of non-inventory items or services are to be recorded using the Spend Money window in the Banking Command Centre. Most transactions of merchandising businesses are related to purchasing and selling merchandise. In a basic bookkeeping or financial accounting class, which Iâve taught at various places by the way, youâd learn that this transaction involves debiting an asset account for the item you bought to help you run or support your business. A $1,760 purchase of supplies for cash was recorded as a debit to Supplies Expense and a credit to Accounts Payable. 1.Which of the following transactions is recorded in the purchases journal? Selling services for cash. d. cash payments journal. 81. Sandy. Special journal entries are (Points : 5) all posted at the end of the accounting period posted either daily or monthly depending on the accounts used all posted daily recorded in addition to the same information being recorded in a general journal 3. 15.If a P4,700 cash purchase of supplies is recorded as a P5,700 debit to Supplies Expense and a P5,700 credit to Cash, the result will be that, a. The accounting for office or store supplies is similar to prepaid or unexpired expenses. Solvents. The new accounting equation would be: Assets $30,200 (Cash $13,900 + Supplies $500 + Prepaid Rent $1,800 + Equipment $5,500 + Truck $8,500) = Liabilities $200 + Equity $30,000. Assume that when a purchase of supplies of $1,380 for cash was recorded, both the debit and the credit were journalized and posted as $1,830 Assume that when a purchase of supplies of $1,380 for cash was recorded, both the debit and the credit were journalized and posted as $1,830. 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