Page 1:1 + 10 2 3 Question 3 (1 point) Goods purchased for future use in the business, such as supplies, are called: 1) prepaid expenses. 2) revenues 3) stockholders' equity 4) liabilities. Question 4 (1 point) Prepaid expenses are 1) paid and recorded in an asset account before they are used or consumed. 2) paid and recorded in an asset account after they are used or consumed. 3) incurred but not yet paid or recorded. 41 incurred and already paid or recorded. Question 5 (1 point) The Vintage Laundry Company purchased $8,500 worth of laundry supplies on June 2 and recorded the purchase as an asset. On June 30, an inventory of the laundry supplies indicated only $1.500 on hand. The adjusting entry that should be made by the company on June 30 is