On-Time Truckers prepares monthly financial statements. On July 1 the Supplies account had a balance of $3500. During July additional supplies were purchased for $4800 and that amount was debited to Supplies Expense. On July 31 a physical count of supplies revealed that there was $2200 on hand. Prepare the adjusting journal entry that On-Time Truckers should make on July 31.
2. Zumba Rental Agency prepares monthly financial statements. On September 1 a check for $9600 was received from a tenant for six months' rent. The full amount was credited to Rent Revenue. Prepare the adjusting entry the company should make on September 30.

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The Answer of On-Time Truckers prepares monthly financial statements. On July 1 the Supplies account had a balance of $3500. During July additional supplies were purchased for $4800 and that amount was debited to Supplies Expense. On July 31 a physical count of supplies revealed that there was $2200 on hand. Prepare the adjusting journal entry that On-Time Truckers should make on July 31. 2. Zumba Rental Agency prepares monthly financial statements. On September 1 a check for $9600 was received from a tenant for six months' rent. The full amount was credited to Rent Revenue. Prepare the adjusting entry the company should make on September 30.

On-Time Truckers Prepares Monthly Financial Statements