Used Office Supplies Is What Type Of Account?
Is Used Office Supplies A Real Personal Or A Nominal Account? Used Office Supplies is a Nominal Account i.e., an expense whose benefit is used / consumed by the business during the current accounting period. It is shown in Income Statement and treated as an Income Statement Account . Also, used office supplies is closed to Income Summary Account . For example, if office supplied purchased for $1500 and out of which $500 used during the current accounting period, then this amount is charged to expense account and recorded in Income Statement for the period. It is treated as a temporary account which does not has balance at the end of the period as it is zero out and closed to income summary account.