Office Supplies Unused Journal Entry
Office Supplies Unused Accounting Treatment The value of Office Supplies Unused Or Supplies On Hand is the value which remains unused during the period. There is no need to record the Office Supplies Unused Journal Entry as we record Office Supplies Used Adjusting Entry and after that we easily get the adjusting value of office supplies unused. For example, we have office supplies of Rs. 50000 purchased during the month (as the business has just started). Supplies of Rs. 10000 are consumed during the accounting period. What is the value of Office Supplies Unused at the end of the accounting period. As we used office supplies of Rs. 10000, so it is charged to office supplies expense account and we debit it and the part of office supplies used is credited as it is now longer to be existed in the business for using. So we record the following adjusting entry as shown below: Office Supplies Used Journal Entry ...