Adjusting entries
Present, in journal form, the adjustments that would be made on July 31, 2020, the end of the fiscal year, for each of the following:
1. The supplies inventory on August 1, 2019, was $ 8,350. Supplies costing $ 16,650 were purchased during the fiscal year and debited to Supplies Inventory. A count on July 31, 2020, indicated supplies on hand of $ 6,810.
2. On April 30, a ten-month, 4% note for $ 40,000 was received from a customer.
3. On March 1, $ 8,400 was collected as rent for one year and a nominal (temporary) account was credited.

Question

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The Answer of Adjusting entries
Present, in journal form, the adjustments that would be made on July 31, 2020, the end of the fiscal year, for each of the following:
1. The supplies inventory on August 1, 2019, was $ 8,350. Supplies costing $ 16,650 were purchased during the fiscal year and debited to Supplies Inventory. A count on July 31, 2020, indicated supplies on hand of $ 6,810.
2. On April 30, a ten-month, 4% note for $ 40,000 was received from a customer.
3. On March 1, $ 8,400 was collected as rent for one year and a nominal (temporary) account was credited.

Adjusting Entries Present, in Journal Form, the Adjustments That Would Be Made