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Accounting

The Village Laundry Company purchased $4,500 worth of laundry supplies on June 2 and recorded the purchase as an asset. On June 30, an inventory of the laundry supplies indicated only $1,000 on hand. The adjusting entry that should be made by the company on June 30 is:

a. Debit Laundry Supplies Expense, $3,500; Credit Laundry Supplies, $3,500.

b. Debit Laundry Supplies Expense, $1,000; Credit Laundry Supplies, $1,000.

c. Debit Laundry Supplies Expense, $3,500; Credit Laundry Supplies, $1,000.

d. Debit Laundry Supplies, $3,500; Credit Laundry Supplies Expense, $3,500.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9441086

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