PROB1-Adjusting entries. Present, in journal form, the adjustments that would be made on July 31,...
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PROB1-Adjusting entries. Present, in journal form, the adjustments that would be made on July 31, 2018, the end of the fiscal year, for each of the following. [15) 1. The supplies inventory on August 1, 2017 was $9,350. Supplies costing $24,150 were acquired during the year and charged to the supplies inventory. A count on July 31, 2018 indicated supplies on hand of $8,810. 2 On April 30, a ten-month, 6% note for $30,000 was received from a customer. Interest is received on maturity 3. On May 1, $20,000 was collected as rent for one year and a nominal account was credited for the full amount. 4. An insurance premium of $6,000 was paid on March 1, 2017 and was charged to Prepaid Insurance. The premium covers a 24-month period beginning March 1, 2017 5. On June 1, 2017, cash of $54,000 was received from subscribers (customers) for a 36- month subscription period beginning on that date. The receipt was recorded by a debit to Cash and a credit to Uneared Subscription Revenue
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