Quote (Usmc5900 @ Mar 3 2017 07:27pm)
The beginning balance of supplies was $3,400. During the year, supplies purchased was $6,200. on December 31 the supplies on hand total $2,100.
I need to know what accounts would these go towards and would the be debits or credits.... any help would be appreciated.
supplies are assets (left side)
when supplies flow out they are expensed (debit the expense which is under equity, credit supplies which falls under assets)
Super basic. And you already answered yourself. But I feel like a winner for not having to look at that up.
This post was edited by Canadian_Man on Mar 3 2017 11:27pm