Supplies expense $1,286 (debit)
Supplies $1,286 (credit)
The cost of consumables utilised during a reporting period is referred to as supplies expense. Depending on the nature of the business, this could be one of the most significant corporate expenses.
Supplies are incidental goods that will be used in the near future. When purchasing supplies, the standard accounting procedure is to charge them to expense using the following entry. Debit.
Supplies, in general, are regarded a current asset until they are utilised. When supplies are depleted, they become an expense. If the dollar value of supplies is significant, they can be considered a current asset.
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