Question
The Town Laundry purchased $5,500 worth of laundry supplies on June 2 and recorded the purchase as an asset. On June 30, an inventory of
The Town Laundry purchased $5,500 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 $3,000 on hand. The adjusting entry that should be made by the company on June 30 is Question 6 options: debit Laundry Supplies, $2,500; credit Laundry Supplies Expense, $2,500. debit Laundry Supplies Expense, $3,000; credit Laundry Supplies, $3,000. debit Laundry Supplies, $3,000; credit Laundry Supplies Expense, $3,000. debit Laundry Supplies Expense, $2,500; credit Laundry Supplies, $2,500
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