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Nadusha1986 [10]
3 years ago
11

The Sheridan Company purchased $7140 worth of laundry supplies on June 2 and recorded the purchase as an asset. On June 30, an i

nventory of the laundry supplies indicated only $1260 on hand. The adjusting entry that should be made by the company on June 30 is:
Business
1 answer:
Anna007 [38]3 years ago
5 0

Answer:

Debit  Supplies expense    $5,880

Credit  Supplies account     $5,880

Being entries to record the amount of supplies used between 2 June and 30 June.

Explanation:

The purchase of laundry supplies yet to be used is a transaction that gives rise to an asset (inventory). The purchase is  recorded as a debit to supplies and a credit to either cash or accounts payable.

When the supplies are used, the entries required to recognize the use are debit supplies expenses and credit supplies account (earlier debited at purchase)

If the  purchase on 2 June is $7140, and on 30 June amount left is $1260

Amount of supplies used = $7140 - $1260

= $5880

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Lyle and Miranda agree that Lyle will fix the refrigeration unit in Miranda's Bagel Café in exchange for her payment of a debt t
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Explanation:

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Morris owns a bicycle store. he often leaves daniel in charge of the store. one saturday evening, after daniel leaves the store,
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3 years ago
Read 2 more answers
A monopolist faces a demand curve given by: P = 105 – 3Q, where P is the price of the good and Q is the quantity demanded. The m
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Answer: 15

Explanation:

For profit to be maximized by a monopolist, the marginal revenue and marginal cost must be gotten.

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Since total revenue is price × quantity, TR= P×Q = (105-3Q)Q

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Since we've gotten marginal revenue and marginal cost, we equate both together.

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