Ask Experts Questions for FREE Help !
Ask
    Kenneth0802's Avatar
    Kenneth0802 Posts: 1, Reputation: 1
    New Member
     
    #1

    Jul 13, 2015, 08:01 AM
    Accounting transaction question
    An enterprise write a payment voucher for purchasing its own goods(stationery) for enterprise own use. How to treat this transaction?
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
    Ultra Member
     
    #2

    Jul 13, 2015, 11:09 AM
    The answer will depend on what accounts your company uses and how they record purchases of office supplies.
    The most common method is: Debit Office Supplies (or similarly named account) and Credit Cash

    Or there is this method: Debit Office Supplies Expense (or similarly named account) and Credit Cash. This method is used if your company records expenses when purchases are made, but you would have to do an adjusting entry to Office Supplies and Office Supplies Expense at the end of your accounting period.
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
    Ultra Member
     
    #3

    Jul 13, 2015, 06:45 PM
    If I read your question correctly you are transferring inventory for internal use so you debit Office Supplies Expense and credit Inventory

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Accounting transaction help! [ 1 Answers ]

Transaction: Granted Vagabond $200 credit for suitcases returned costing $120. How would I journalize this using a perpetual inventory system?

Accounting - transaction help [ 0 Answers ]

Need help with these transaction using special journals with general journal. Purchased a new computer on credit from advnaced Computers for $5,610 (including GST $510). The computer has a life of four years and will have a residual value of $0. Invoiced Fone Communications for the development...

One-transaction perspective in accounting [ 0 Answers ]

One-transaction perspective in accounting

One example of transaction of the accounting cycle? [ 1 Answers ]

Out of the accounting cycle I need one transaction expample. Could u help me to understand?


View more questions Search