WebFeb 21, 2024 · Example. The Green Company purchased office supplies costing $500 on 1 January 2016. Out of this, supplies costing $150 remained unused on 31 December 2016. … Web2 Unused office and store supplies, P 1,700. 3 Accrued interest payable on note payable (P50,000 x5% x 2/12) 4 Depreciation rate on Store Fixtures and Equipment - 20% per annum Estimated salvage value = P 0 5 Meralco Bill for electric consumption for April and May 2016 received on May 31, 2016 and paid on June 6, 2016, P 6,000

What is the proper accounting for supplies? AccountingCoach

Web5) Unused office supplies as at December 31, 2024 and 2024 is P250,000 and P300,000, respectively. Definition Definition Entries made at the end of every accounting period to precisely replicate the expenses and revenue of the current period. WebThe adjusting entry would be: The "Service Supplies Expense" is an expense account while "Service Supplies" is an asset. After making the entry, the balance of the unused Service Supplies is now at $600 ($1,500 debit and $900 credit). Service Supplies Expense now has a balance of $900. Now, we've achieved our goal. nasa water filtration

A practical guide to managing unused assets - Supply Chain …

WebA. Nothing, company policy says to expense supplies when purchased. B. Convince management to change. The policy at Oriole Company is to expense all office supplies at the time of purchase. On the last day of the accounting period, there are $1230 of unused office supplies on hand and the balance of supplies expense is $3920. WebThe policy at Adler Corporation is to expense all office supplies at the time of purchase. On the last day of the accounting period, there are $1,400 of unused office supplies on hand and the balance of supplies expense is $3,500. What should the accountant do? WebMay 9, 2024 · 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 … nasa water bottle rockets middle school