Purchased 6500 worth of laundry supplies and recorded the purchase as an asset On June 30 an inventory of the laundry supplies indicated only 1000 on hand what is the adjusting entry?

To adjust for the inventory of laundry supplies, you need to recognize the expense for the supplies used. The adjusting entry would be a debit to Laundry Supplies Expense for $5,500 (the difference between the initial purchase of $6,500 and the remaining inventory of $1,000) and a credit to Laundry Supplies for the same amount. This reflects the consumption of supplies during the period.