Exercise#8-PREPAID EXPENSES: University Laundromat purchased $6,500 worth of laundry supplies on June 2, 2018 and recorded the purchase as an asset. On June 30, an inventory of the laundry supplies indicated only $1,000 on hand. What is the adjusting entry to record the amount of laundry supplies used? Instructions: Prepare the original journal entry for the purchase of supplies and the month-end adjusting journal entry recording usage. ACCOUNTING CONCEPTS: ADJUSTING JOURNAL ENTRIES Exercise #8: University Laundromat Date Account Title 2-Jun-18 Supplies - Laundry Cash Purchased laundry supplies Credit Debit 6,500 6,500 Account Title Debit Credit Date 30-Jun-18