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As of June 1, 2017 the beginning balance in the asset account Supplies was $10.000. On June 10, 2017 Baker purchased $7,000 of additional supplies
As of June 1, 2017 the beginning balance in the asset account Supplies was $10.000. On June 10, 2017 Baker purchased $7,000 of additional supplies and made the following entry: Dri 7.000 Supplies Cash 7.000 The entry above is the only entry Baker made to the Supplies account during the month of June. Based on a physical count, Baker determined that there are $11.500 of supplies remaining on-hand as of June 30. Select the supplies adjusting entry Baker should make as of June 30, 2017: Supplies Expense 11,500 A Supplies 11.500 . 5.500 Supplies Expense Supplies 5.500 11.500 Supplies Supplies Expense 11.500 Supplies 4.500 Supplies Expense 4.500 None of the above
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