Following is information regarding Lyle, Inc.'s supplies account: Opening balance on June 1: $13,000 Purchased...
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Accounting
Following is information regarding Lyle, Inc.'s supplies account: Opening balance on June 1: $13,000 Purchased during June: $24,000 Amount of supplies used during June: $11,000 What adjusting entry will Lyle, Inc. make on June 30 regarding supplies? DR: Supplies Expense 11,000 CR; Supplies 11,000 DR: Accounts Payable 13,000 CR: Supplies 13,000 DR: Supplies 11,000 CR: Supplies Expense 11,000 DR: Supplies Expense 24,000 CR: Cash 24,000
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