Supplies Used Journal Entry

The part of supplies used during the accounting period is an Expense whose benefit is obtained by the business during the period. So, we debit supplies expense account and credit Supplies Account as a Current Asset as it is no longer to be existed in the business.

Supplies Used Adjusting Entry / Supplies Expense Journal Entry

                                                                          Supplies Expense a/c  XXX

 

                                                                                                                        Supplies a/c  XXX

 

                                                                                   (Supplies Used For The Period)

 

The remaining amount of supplies account, which is unused for the period, is Supplies on Hand and still consider as a Current Asset of the business.