Speedy Clean Laundry 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 Debit Laundry Supplies Expense, $2,000; Credit Laundry Supplies, $2,000. Debit Laundry Supplies Expense, $4,500; Credit Laundry Supplies, $4,500. Debit Laundry Supplies, $2,000; Credit Laundry Supplies Expense, $2,000. Debit Laundry Supplies, $4,500; Credit Laundry Supplies Expense, $4,500.

Speedy Clean Laundry 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 Debit Laundry Supplies Expense, $2,000; Credit Laundry Supplies, $2,000. Debit Laundry Supplies Expense, $4,500; Credit Laundry Supplies, $4,500. Debit Laundry Supplies, $2,000; Credit Laundry Supplies Expense, $2,000. Debit Laundry Supplies, $4,500; Credit Laundry Supplies Expense, $4,500.

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Description: Speedy Clean Laundry 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

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 7EB: Canary Lawnmowers purchased 300 lawnmower parts at $3.50 per part from a supplier on December 4....

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Canary Lawnmowers purchased 300 lawnmower parts at $3.50 per part from a supplier on December 4. Terms of the purchase are 4/10, n/25, invoice dated December 4. Canary Lawnmowers pays their account in full on December 16. On December 21, Canary discovers 34 of the parts are the wrong size but decides to keep them after the supplier gives Canary an allowance of $1.00 per part. Record the journal entries to recognize these transactions for Canary Lawnmowers.