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

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:(

Debit supplies credit accounts payable?
As for the second one what's a charge customer lol. I am so good at this;)

Quote:

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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:(

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When they are being sold I think it's cost of goods sold.

Quote:

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Originally Posted by baby111

if a business bought supplies on account how would u record this.

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Dr. Supplies
Cr. Accounts Payable

Quote:

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Originally Posted by baby111

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

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Dr. Accounts Receivable
Cr. Sales

Captain forest is right:)