WebSep 9, 2024 · You would debit cash and credit the applicable account. examples: 2000.00 debit. cash and 2000.00 credit accounts receivable for a payment that was received from … WebQuestion. Transcribed Image Text: Prior to recording adjusting entries, the Office Supplies account had a $365 debit balance. A physical count of the supplies showed $108 of unused supplies available. The required adjusting entry is: Multiple Choice Debit Office Supplies $257 and credit Office Supplies Expense $257.
The store supplies account has a p2800 debit balance - Course Hero
WebAug 6, 2024 · Debits represent money that is paid out of an account and credits represent money that is paid into an account. Each financial transaction made by a business firm must have at least one debit and credit recorded to the business's accounting ledger in equal, but opposite, amounts. Bookkeepers and accountants use debits and credits to balance ... WebFeb 18, 2024 · Since the prepayment is for six months, divide the total cost by six ($9,000 / 6). Adjust your accounts by $1,500 each month. Expense $1,500 of the rent with a debit. Reduce the Prepaid Expense account with a credit. Repeat the process each month until the rent is used and the asset account is empty. duke energy credit for new hvac
Debit vs. Credit: An Accounting Reference Guide (+Examples)
WebE Unused office supplies at December 31 P3200. For instance if the supplies expense has a 1000 debit the company must credit supplies for 1000. The adjusting entry for Supplies. … WebMay 1, 2024 · See Page 1. Hank's Hotel opened for business on May 1, 2024. Its trial balance before adjustment on May 31 is as follows. Hank's HotelTrial Balance May 31, … Weba. P65,470 debit and P68,170 credit b. P33,220 debit and P35,420 credit c. P25,670 debit and P26,670 credit d. P14,517 debit and P15,477 credit; The Supplies account had a … duke energy credit card payment