I am having a problem with understanding what account gets credited if the supplies expense is a debit. In the problem, there is a supplies expense of 0, but after adjustments the supplies expense is 3300. There is no supplies payable account; only accounts payable, interest payable, rent...

Hi If using the perpetual inventory system what is the impact of COGS if the company sells inventory? I think it would be a credit but I get really confused re debits/credits :rolleyes: Thanks for your help.

I am having trouble with this problem (although I know it must be simple to answer!). Someone please, please help!! If your company purchased supplies on credit, hwo would you record this journal entry? Then when you make a partial payment to your credit account, how would you record that...

This is a silly question I'm sure, and the answer is very simple, but it is driving me crazy... The problem is: At the beginning of the year, The Office Equipment account of Gulf Coast Airlines had a debit balance of $126,900. During the year, debit entries of $23, 400 and credit entries of...