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QUESTION DETAIL
Related User
Votes
If I purchased supplies and did not use them all and need to record the value of the leftover supplies on my balance sheet, where do I record it? Is it under revenue or retained earnings?
ANSWER
The BIDaWIZ Team's Answer:
Supplies expense is an ordinary income statement expense line item.
It is not an inventory account item. Thus, the balance, of the unused supplies,
does not have to be recorded on the income statement, at year end.
