Is Office Supplies A Temporary Or A Permanent Account

Office Supplies Is A Permanent Account

Office Supplies on Hand or Office Supplies Unconsumed is a Permanent Account as it is considered as a Current Asset and it shows that part of office supplies which is expected to be consumed or used by the business during the accounting period.

Office Supplies Expense Is A Temporary Account Or A Permanent Account

The part of office supplies which is consumed by the business during the period is charged to expense account and treated as a temporary account.

Office supplies on hand is a current asset and shown on the Balance Sheet as it is a Balance Sheet Account, so it is a permanent account.

Office Supplies Expense A Temporary Account

Office supplies consumed or used is an expense and recorded in Income Statement as it is a Temporary Account as well as an Income Statement Account.