The Vintage 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 $1,000 on hand. The adjusting entry that should be made by the company on June 30 is:
A) debit Supplies Expense, $1,000; credit Supplies, $1,000.
B) debit Supplies, $5,500; credit Supplies Expense, $5,500.
C) debit Supplies, $1,000; credit Supplies Expense, $1,000.
D) debit Supplies Expense, $5,500; credit Supplies, $5,500.
Correct Answer:
Verified
Q62: An adjusting entry
A) affects two balance sheet
Q73: If a resource has been consumed but
Q88: An asset-expense relationship exists with
A) liability accounts.
B)
Q89: Adjusting entries can be classified as
A) postponements
Q97: Prepaid expenses are
A) paid and recorded in
Q100: Accrued expenses are
A) paid and recorded in
Q110: Adjusting entries are:
A)the same as correcting entries.
B)needed
Q117: An architecture firm earned $2,000 for architecture
Q118: Adjusting entries can be classified as:
A) postponements
Q119: Adjusting entries affect at least:
A)one revenue and
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents