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Finanz Inc. is a firm located in Zuerich, Switzerland. The firm purchased CHF 7,000 worth of supplies on June 2 and recorded the purchase as
Finanz Inc. is a firm located in Zuerich, Switzerland. The firm purchased CHF 7,000 worth of supplies on June 2 and recorded the purchase as an asset. On June 30, an inventory of the supplies indicated only CHF 1,000 on hand. On June 30, the firm shall make the following adjusting entries: Select one: a. Debit Supplies, CHF 6,000; Credit Supplies Expense, CHF 6,000. b. Debit Supplies Expense, CHF 1,000; Credit Supplies, CHF 1,000. c. Debit Supplies, CHF 1,000; Credit Supplies Expense, CHF 1,000. d. Debit Supplies Expense, CHF 6,000; Credit Supplies, CHF 6,000
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