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-   -   Some questions on accounting (https://www.askmehelpdesk.com/showthread.php?t=136210)

  • Oct 2, 2007, 07:47 AM
    baby111
    Some questions on accounting
    If a business bought supplies on account how would u record this.




    2. the business provided services to a charge customer what would be credited and debited
  • Oct 2, 2007, 08:17 AM
    rebel-2
    Oh man accounting! My enemy.
    Anyway I took it last year in school, so I'm guessing this is correct.

    1.if a business bought supplies on account how would u record this.
    =Inventory.(if the supplies are being sold for revenue)
    If it is something other, its probably administrative cost or something.

    2. the business provided services to a charge customer what would be credited and debited

    (no idea)

    PS:failed accounting:(
  • Oct 2, 2007, 08:19 AM
    edzmedz
    Debit supplies credit accounts payable?
    As for the second one what's a charge customer lol. I am so good at this;)
  • Oct 2, 2007, 08:23 AM
    edzmedz
    Quote:

    Originally Posted by rebel-2
    Oh man accounting!! my enemy.
    Anyways i took it last year in school, so im guessing this is correct.

    1.if a business bought supplies on account how would u record this.
    =Inventory.(if the supplies are being sold for revenue)
    If it is something other, its probably administrative cost or somthing.

    2. the business provided services to a charge customer what would be credited and debited

    (no idea)

    PS:failed accounting:(

    When they are being sold I think it's cost of goods sold.
  • Oct 2, 2007, 12:03 PM
    CaptainForest
    Quote:

    Originally Posted by baby111
    if a business bought supplies on account how would u record this.

    Dr. Supplies
    Cr. Accounts Payable


    Quote:

    Originally Posted by baby111
    2. the business provided services to a charge customer what would be credited and debited

    Dr. Accounts Receivable
    Cr. Sales
  • Oct 3, 2007, 12:19 AM
    edzmedz
    Captain forest is right:)

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