Speedy Clean Laundry Purchased € 6,500 Worth of Laundry Supplies

question 115

Multiple Choice

Speedy Clean Laundry 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 € 1,500 on hand.The adjusting entry that should be made by the company on June 30 is

• A)Debit Laundry Supplies Expense, € 1,500; Credit Laundry Supplies, € 1,500.
• B)Debit Laundry Supplies, € 1,500; Credit Laundry Supplies Expense, € 1,500.
• C)Debit Laundry Supplies, € 5,000; Credit Laundry Supplies Expense, € 5,000.
• D)Debit Laundry Supplies Expense, € 5,000; Credit Laundry Supplies, € 5,000.

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Definitions:

Social Facilitation

The tendency for people to perform differently when in the presence of others than when alone, often improving on simple or well-rehearsed tasks.

Self-Disclosure

Revealing intimate aspects of oneself to others.

Asch Procedure

A research method used in social psychology to study conformity to group pressure by analyzing how individuals yield to or defy a majority group's opinion.

Conformity

The act of matching attitudes, beliefs, and behaviors to group norms, policies, or social expectations.