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7 October, 16:53

The Blossom Company purchased $10030 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 $1770 on hand. The adjusting entry that should be made by the company on June 30 is:

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  1. 7 October, 19:15
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    The journal entry to record the purchase of the laundry supplies

    June 2, laundry supplies purchased

    Dr Laundry supplies inventory 10,030

    Cr Cash or accounts payable 10,030

    June 30, adjusting entry to record laundry expenses

    Dr Laundry expenses 8,260

    Cr Laundry supplies inventory 8,260

    The initial inventory of laundry supplies is $10,030 and if at the end of the month only $1,770 worth of supplies are left, it means that $8,260 ( = $10,030 - $1,770) were used.
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