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-   -   How to write the journal entry for supplies on cash (https://www.askmehelpdesk.com/showthread.php?t=451703)

  • Feb 25, 2010, 04:19 PM
    mereadiluvu7
    How to write the journal entry for supplies on cash
    Journalise supplies on hand at the end of the year $3000
  • Feb 25, 2010, 06:49 PM
    pready

    If you know what amount of supplies is onhand per the books, then you calculate the difference from what your books say you have and the actual amount of supplies onhand.

    The journal entry is:
    Debit Supplies Expense for the difference
    Credit Supplies for the difference so that your Supplies account shows that you have $3,000 worth of supplies onhand.

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