Question
CLEAN Laundry Company purchased OMR10,000 worth of laundry supplies on January 1 and recorded the purchase as an asset. On June 30, an inventory of
CLEAN Laundry Company purchased OMR10,000 worth of laundry supplies on January 1 and recorded the purchase as an asset. On June 30, an inventory of the laundry supplies indicated only OMR 5,000 on hand. The adjusting entry that should be made by the company on June 30 is Select one: a. Debit Laundry Supplies Expense, OMR5,000; Credit Laundry Supplies, OMR5,000. b. Debit Laundry Supplies Expense, OMR3,500; Credit Laundry Supplies, OMR3,000. c. Debit Laundry Supplies Expense, OMR 10,000; Credit Laundry Supplies, OMR 10,000. d. Debit Laundry Supplies, OMR5,500; Credit Laundry Supplies Expense, OMR5,500. e. None of the answers are
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