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What adjusting entry to record amount of laundry supplies

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University laundromat purchased $6,500 worth of laundry supplies on June 2, 2018 and recorded the purchase as an asset. On June 30, an inventory of the laundry supplies indicated only $1,000 on hand.

Question 1: What is the adjusting entry to the record the amount of laundry supplies used?

Instructions:

Question 2: Prepare the original journal entry for the purchase of supplies and the month-end adjusting journal entry recording usage.

Reference no: EM132461336

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