Adjusting entry made by the company

Reference no: EM13153147

The Village Laundry Company purchased $6,500 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:

a) Debit Laundry Supplies Expense, $3,000; Credit Laundry Supplies, $3,000.

b) Debit Laundry Supplies Expense, $3,500; Credit Laundry Supplies, $3,000.

c) Debit Laundry Supplies, $3,500; Credit Laundry Supplies Expense, $3,500.

d) Debit Laundry Supplies Expense, $3,500; Credit Laundry Supplies, $3,500.

Reference no: EM13153147

Questions Cloud

What volume of cl2 gas is required : What volume of Cl2 gas, measured at 682 torr and 40 degrees celcius, is required to form 26 g of NaCl ?

Which of following describes the basic function of a coenzym : Which of the following describes the basic function of a coenzyme?

Find probability that marys total worth reaches high value : Find the probability that Marys total worth reaches $3000 at some point. (We assume here that Mary has to quit playing if she goes bankrupt so this is a gamblers ruin problem.)

Identify in terms of consumption for each person : Draw a separate box diagram to show what the contract curve might look like if Aisha was concerned about very low consumption of food and clothing by Robin, but Robin was only concerned about his own consumption.

Adjusting entry made by the company : The Village Laundry Company purchased $6,500 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 ..

Determine the fw of the cash flows : Since the cash flows compose a gradient series followed by a uniform series, solve the problem using those factors. Determine the FW of the cash flows.

Expectations of the public accounting profession : How does the auditing profession work to create or communicate a reasonable set of expectations that users should hold? To what extent do you believe that user expectations of the public accounting profession appear to you to be unwarranted? Explain..

Explain the concentration of nitrogen in the steel : the concentration of nitrogen in the steel at the high-pressure surface is 4 kg/m3. How far into the sheet from this high-pressure side will the concentration be 1.8 kg/m3?

How many kg of mercury could occupy a volume of 500ml : element mercury has a density of 13.6 g/ml. how many kg of mercury could occupy a volume of 500ml?

User Account

All Pages