The Hopkins Company purchased $7140 worth of laundry supplies on June 2 and recorded the purchase...

Transcribed Image Text:

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.

Answer rating: 100% (QA)

the adjusting entries that should be made by the company on june 30 is bought ... View the full answer