Homework Answers
Answer -
Step - (1) - Information Given -
The Nash's Trading Post, LLC purchased $6290 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 $1110 on hand.
.
Step - (2) - The adjusting entry that should be made by the company on June 30 -
| General Journal | Debit ($) | Credit ($) |
|
Supplies Expense Supplies [$6290 - $1110] |
5180 - |
- 5180 |
Hence, Option - (C) - Increase Supplies Expense, $5180;decrease Supplies, $5180 is Correct.
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The Nash's Trading Post, LLC purchased $6290 worth of laundry supplies on June 2 and recorded...
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1 Durawash Laundry purchased $8,000 worth of supplies on June 2 and recorded the purchase as...
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