Under the accrual basis of accounting the account Supplies Expense reports the amount of supplies that were used during the time interval indicated in the heading of the income statement. Supplies that are on hand (unused) at the balance sheet date are reported in the current asset account Supplies or Supplies on Hand.
Featured Review
"AccountingCoach is my go-to for all my accounting needs. It has been a pivotal part of my career. AccountingCoach has had my back in many situations, and has helped me to understand accounting at my pace. I am now a financial/management accountant for one of west Australia’s largest heavy engineering companies. I will continue to use AccountingCoach throughout my career for continued learning and personal growth. I highly recommend AccountingCoach to anyone studying or already in the accounting industry. I, personally, will always be a member. Thank you team AccountingCoach, I wouldn't be where I am today without you." - Gillian L.
Join PRO or PRO Plus and Get Lifetime Access to Our Premium Materials
Read all 2,645 reviewsWe now offer 10 Certificates of Achievement for Introductory Accounting and Bookkeeping: