The Vintage Laundry Company purchased $6,500 worth of laundry supplies on June 2 and

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The Vintage Laundry Company purchased $6,500 worth of laundry supplies on June 2 and recorded the purchase as an asset. On June 30, an inventory of the laundry supplies indi-cated only $1,000 on hand. The adjusting entry that should be made by the company on June 30 is:

 

debit Laundry, $1,000; credit Laundry Supplies Expense, $1,000.

 

debit Laundry Expense, $5,500; credit Laundry Supplies, $5,500.

 

debit Laundry Expense, $1,000; credit Laundry Supplies, $1,000.

 

debit Laundry, $5,500; credit Laundry Supplies Expense, $5,500.
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