When you purchase supplies, you must enter their full cost in your accounting records. Over time, the supplies are used or discarded. If you use the accrual method of accounting, you must make an ...

When you buy supplies for your company, you record the expense in your supplies account. Once the supplies are used, they become an expense that must be listed on the income statement. You need to ...

What is an Adjusting Journal Entry? an entry made at the end of an accounting period to document any unrealized income or expense during the period. Adjusting journal entries are made in the general ...