User Account

All Pages

Inventory of the laundry

Assignment Help Accounting Basics
Reference no: EM13150885

The Village 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 indicated only $2,000 on hand. The adjusting entry that should be made by the company on June 30 is:

a) debit Laundry Supplies Expense, $2,000; credit Laundry Supplies, $2,000.

b) debit Laundry Supplies, $4,500; credit Laundry Supplies Expense, $4,500.

c) debit Laundry Supplies, $4,500; credit Laundry Supplies Expense, $4,500.

d) debit Laundry Supplies Expense, $4,500; credit Laundry Supplies, $4,500.

Reference no: EM13150885

Questions Cloud

What will be vapor pressure of ethanol at new temperature : The total pressure in a flask containing air and ethanol at 257C is 878 mm Hg. The pressure of  the air in the flask at 257C is 762 mm Hg. If the flask is immersed in a water bath at 350C
What type of protein secondary structure is characterized : What type of protein secondary structure is characterized as being highly extensible because of its coiled structure?
What does this mean for your company : What does this mean for your company? What is the cross-price elasticity for your product? What type of goods are Good A and Good B?
Find probability of z falling between given value : The probability of a z falling between two points equidistant from the mean, one to the left of the mean and the other to the right og the mean is 99% what are the z ranges.
Inventory of the laundry : The Village 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 indicated only $2,000 on hand. The adjusting entry that should be made by the ..
Determine the rate of a chemical reaction : The rate of a chemical reaction can sometimes be determined by measuring the change in mass of the reaction flask and its contents with time
Calculate the optimal money growth rate needed for the fed : Suppose that people expect the Fed to hit its inflation target. A: Calculate the optimal money growth rate needed for the Fed to hit its inflation target in the long run.
Four types of classifications for non-influential : Identify three out of four types of classifications for non-influential investments in securities.
Should the government increase the minimum wage : Should the government increase the minimum wage? What should be the GUIDELINES for an increase? What are some of the disadvantages of an increase?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Basics of loss contingency

A loss contingency that is remote and cannot be reasonably estimated: A) may be disclosed in a note to the financial statements. B) must be disclosed in a note to the financial statements. C) must be reported in the body of the financial statements. ..

  Discontinue production of subassemblies

Making decision for discontinue production of subassemblies and purchase from an outside supplier.

  Net interest expense associated to bonds

The Marx Company issued $100,000 of 12% bonds on April 1, 2010 at face value. The bonds pay interest semiannually on January 1 and July 1. The bonds are dated January 1, 2010, and mature on January 1, 2015. The total interest expense related to th..

  What is h basis in the real estate

Basis of Inherited Property. The basis of property acquired from a decedent is generally fair market value at date of death. What are the two exceptions to this rule ( do not include property subject to special-use valuation)?

  Permanent current assets basics

Permanent current assets are not a factor in a manager's decision making process when all current assets will be:

  Estimated liability for litigation

The estimated liability for litigation is classified as noncurrent and the installment accounts receivable are classified as $500,000 current and $500,000 noncurrent. The income tax rate is 30% for all years.

  Effects on the accounts and finanical statements

On February 10, Peerless Rocks Inc., a marble contractor, issued for cash 40000 shares of $10 par common stock at $34, and on May 9, it issued for cash 100000 shares of $5 par preffered stock at $7. a. Illustrate the effects on the accounts and fi..

  Account paid-in capital in excess of par

In applying the book value method, what amount should Morgan credit to the account "paid-in capital in excess of par," as a result of this conversion?

  Appropriate entry to record the budget

A public school district formally adopted a budget with estimated revenues of $500 and approved expenditures of $490. Which of the following is the appropriate entry to record the budget?

  Calculation of deferred tax asset and liability at the end

Machinery was acquired in January for $300,000. Straight-line depreciation over a ten-year life (no salvage value) is used. For tax purposes, accelerated depreciation is used and Orkin may deduct 14% for 2012.

  Statute of frauds

Fresher Foods, Inc., orally agreed to purchase from Dale Vernon, a farmer, one thousand bushels of corn for $1.25 per bushel. Fresher Foods paid $125 down and agreed to pay the remainder of the purchase price on delivery, which was scheduled for o..

  Amount of amortization at each interest payment point

Larson Company issued $500,000 of 8%, 5-year bonds at 106. Assuming straight-line amortization and annual interest payments, what is the amount of the amortization at each interest payment point?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd