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Accounting

The Village Laundry Company purchased $6,500 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 $2,000 on hand. The adjusting entry that should be made by the company on June 30 is:

a) debit Laundry Supplies Expense, $2,000; credit Laundry Supplies, $2,000.

b) debit Laundry Supplies, $4,500; credit Laundry Supplies Expense, $4,500.

c) debit Laundry Supplies, $4,500; credit Laundry Supplies Expense, $4,500.

d) debit Laundry Supplies Expense, $4,500; credit Laundry Supplies, $4,500.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9441026

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