Laker Incorporated has $1,000 supplies on 1 April 2022 and purchased supplies costing $7,000 on 1...

Transcribed Image Text:

Laker Incorporated has $1,000 supplies on 1 April 2022 and purchased supplies costing $7,000 on 1 April 2022. At the end of the accounting period on 30 April 2022, a physical count of supplies revealed $2,000 still on hand. The appropriate adjusting journal entry to be made on 30 April 2022 would be a Debit Supplies Expense, $6,000; b. Debit Supplies, $6,000, c. Debit Supplies Expense, $8,000; d Debit Supplies, $8,000, Credit Supplies, $6,000. Credit Supplies Expense, $6,000. Credit Supplies, $8,000. Credit Supplies Expense, $8,000 Laker Incorporated has $1,000 supplies on 1 April 2022 and purchased supplies costing $7,000 on 1 April 2022. At the end of the accounting period on 30 April 2022, a physical count of supplies revealed $2,000 still on hand. The appropriate adjusting journal entry to be made on 30 April 2022 would be a Debit Supplies Expense, $6,000; b. Debit Supplies, $6,000, c. Debit Supplies Expense, $8,000; d Debit Supplies, $8,000, Credit Supplies, $6,000. Credit Supplies Expense, $6,000. Credit Supplies, $8,000. Credit Supplies Expense, $8,000

Answer rating: 100% (QA)

The detailed answer for the above question is provided below Answer b De bit Supp lies 6 000 Option ... View the full answer