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The Sheffield Bakery purchased $6630 worth of baking supplies on June 2 and recorded the...

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Accounting

The Sheffield Bakery purchased $6630 worth of baking supplies on June 2 and recorded the purchase as an asset. On June 30, an inventory of the baking supplies indicated only $3190 on hand. The adjusting entry that should be made by the company on June 30 is

debit Baking Supplies Expense, $3190; credit Baking Supplies, $3190.

debit Baking Supplies Expense, $3440; credit Baking Supplies, $3190.

debit Baking Supplies, $3440; credit Baking Supplies Expense, $3440.

debit Baking Supplies Expense, $3440; credit Baking Supplies, $3440.

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