The Hopkins Company purchased $7140 worth of laundry supplies on June 2 and recorded the purchase...
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The Hopkins Company purchased $7140 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 $1260 on hand. The adjusting entry that should be made by the company on June 30 is: debit Supplies Expense, $5880; credit Supplies, $5880. debit Supplies, $5880; credit Supplies Expense, $5880. debit Supplies Expense, $1260; credit Supplies, $1260. O debit Supplies, $1260; credit Supplies Expense, $1260. The Hopkins Company purchased $7140 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 $1260 on hand. The adjusting entry that should be made by the company on June 30 is: debit Supplies Expense, $5880; credit Supplies, $5880. debit Supplies, $5880; credit Supplies Expense, $5880. debit Supplies Expense, $1260; credit Supplies, $1260. O debit Supplies, $1260; credit Supplies Expense, $1260.
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Related Book For
College Accounting A Contemporary Approach
ISBN: 978-0077639730
3rd edition
Authors: David Haddock, John Price, Michael Farina
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