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Bonita Laundry purchased $7100 worth of supplies on June 2 and recorded the purchase as an asset. On June 30, an inventory of the supplies
Bonita Laundry purchased $7100 worth of supplies on June 2 and recorded the purchase as an asset. On June 30, an inventory of the supplies indicated only $1010 on hand. The adjusting entry that should be made by the company on June 30 is
Debit Supplies, $6090; Credit Supplies Expense, $6090.
Debit Supplies Expense, $1010; Credit Supplies, $1010.
Debit Supplies, $1010; Credit Supplies Expense, $1010.
Debit Supplies Expense, $6090; Credit Supplies, $6090.
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