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 debit Supplies Expense, $1,500; credit Supplies, $1,500. debit Supplies, $7,000; credit Supplies Expense, $7,000. debit Supplies, $1,500; credit Supplies Expense, $1,500. debit Supplies Expense, $7,000; credit Supplies, $7,000. Question 14 (1 point)