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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 $3,000 on hand. The adjusting entry that should be made by the company on June 30 is:

a) Debit Laundry Supplies Expense, $3,000; Credit Laundry Supplies, $3,000.

b) Debit Laundry Supplies Expense, $3,500; Credit Laundry Supplies, $3,000.

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

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

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M981988

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