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 adjustment that should be made by the company on June 30 is: Answers: increase Supplies Expense, $1,500; decrease Supplies, $1,500. increase Supplies, $7,000; decrease Supplies Expense, $7,000. increase Supplies, $1,500; decrease Supplies Expense, $1,500. increase Supplies Expense, $7,000; decrease Supplies, $7,000
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 adjustment that should be made by the company on June 30 is: Answers: increase Supplies Expense, $1,500; decrease Supplies, $1,500. increase Supplies, $7,000; decrease Supplies Expense, $7,000. increase Supplies, $1,500; decrease Supplies Expense, $1,500. increase Supplies Expense, $7,000; decrease Supplies, $7,000
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter12: Financial Statements, Closing Entries, And Reversing Entries
Section: Chapter Questions
Problem 4PA: The following accounts appear in the ledger of Celso and Company as of June 30, the end of this...
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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 adjustment that should be made by the company on June 30 is: |
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