The Vintage Laundry Company Purchased $8,500 Worth of Laundry Supplies

Multiple Choice

The Vintage Laundry Company purchased $8,500 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 $1,500 on hand.The adjusting entry that should be made by the company on June 30 is:

A) debit Supplies Expense, $1,500; credit Supplies, $1,500.
B) debit Supplies, $7,000; credit Supplies Expense, $7,000.
C) debit Supplies, $1,500; credit Supplies Expense, $1,500.
D) debit Supplies Expense, $7,000; credit Supplies, $7,000.