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

question 65

Essay

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.

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Definitions:

Vitreous Humor

Transparent, jelly-like material that fills the space between the lens and the retina.

Suspensory Ligaments

Suspensory ligaments are fibrous tissues that support organs, such as the lens of the eye, by attaching them to surrounding structures.

Biconcave

Describes a shape that is curved inward on both sides, like a donut.

Opaque

A characteristic of materials that are not transparent or translucent; they do not allow light to pass through.