For the Following Independent Situations, Prepare the Required Adjusting Journal

question 39

Essay

For the following independent situations, prepare the required adjusting journal entries.
1. Bristol French Fry Company prepares monthly financial statements. On July 1, the Office Supplies account had a balance of $3,000. During July, additional office supplies were purchased for $3,800 and that amount was debited to Office Supplies Expense. On July 31, a physical count of office supplies revealed that there was $2,700 on hand. Prepare the adjusting journal entry that Bristol French Fry Company should make on July 31.
2. Hartland Bridge Co. prepares monthly financial statements. On September 1, a cheque for $9,600 was received from a tenant for six months' rent. The full amount was credited to Rental Revenue. Prepare the adjusting entry the company should make on September 30.

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Definitions:

Pure Monopolist

A market condition where a single firm has exclusive control over the supply of a product or service, and no close substitutes exist.

Short Run

The short run in economics is a period during which at least one input, such as plant size, is fixed and cannot be changed.

Price Discrimination

A pricing strategy where identical or substantially similar products or services are sold at different prices to different buyers.

Physically Separated

A state or condition where two or more entities are not connected or in direct contact with each other, often referring to geographical distance.