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.