Inventory of the laundry, The Village Laundry Company

Inventory of the laundry

Assignment Help Accounting Basics

Reference no: EM13150885

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 $2,000 on hand. The adjusting entry that should be made by the company on June 30 is:

a) debit Laundry Supplies Expense, $2,000; credit Laundry Supplies, $2,000.

b) debit Laundry Supplies, $4,500; credit Laundry Supplies Expense, $4,500.

c) debit Laundry Supplies, $4,500; credit Laundry Supplies Expense, $4,500.

d) debit Laundry Supplies Expense, $4,500; credit Laundry Supplies, $4,500.

Reference no: EM13150885

Questions Cloud

What will be vapor pressure of ethanol at new temperature : The total pressure in a flask containing air and ethanol at 257C is 878 mm Hg. The pressure of the air in the flask at 257C is 762 mm Hg. If the flask is immersed in a water bath at 350C

What type of protein secondary structure is characterized : What type of protein secondary structure is characterized as being highly extensible because of its coiled structure?

What does this mean for your company : What does this mean for your company? What is the cross-price elasticity for your product? What type of goods are Good A and Good B?

Find probability of z falling between given value : The probability of a z falling between two points equidistant from the mean, one to the left of the mean and the other to the right og the mean is 99% what are the z ranges.

Inventory of the laundry : 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 $2,000 on hand. The adjusting entry that should be made by the ..

Determine the rate of a chemical reaction : The rate of a chemical reaction can sometimes be determined by measuring the change in mass of the reaction flask and its contents with time

Calculate the optimal money growth rate needed for the fed : Suppose that people expect the Fed to hit its inflation target. A: Calculate the optimal money growth rate needed for the Fed to hit its inflation target in the long run.

Four types of classifications for non-influential : Identify three out of four types of classifications for non-influential investments in securities.

Should the government increase the minimum wage : Should the government increase the minimum wage? What should be the GUIDELINES for an increase? What are some of the disadvantages of an increase?

User Account

All Pages