Please help me answer number 4. And if you can or if you want to, can you please explain!
1 answer:
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Answer:
The correct option is D.
Step-by-step explanation:
Given information:
On June 2 : Dreamtime Laundry purchased $7,000 worth of supplies.
On June 30 : An inventory of the supplies indicated only $2,000 on hand.
The adjusted amount is
To adjust the amount we need to debit Supplies Expense by $5000 and credit Supplies by $5,000.
So, the required adjusting entry that should be made by the company on June 30 is
Supplies Expense $5,000
Credit Supplies $5,000
Therefore, the correct option is D.