Adjustments to Business Inventory
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Present, in journal form, the adjustments that would be made on July 31, 2007, the end of the fiscal year, for each of the following (provide calculation as well):
1. The supplies inventory on August 1, 2006 was $7,350. Supplies costing $20,150 were acquired during the year and charged to the supplies inventory. A count on July 31, 2007 indicated supplies on hand of $8,810.
2. On April 30, a ten-month, 9% note for $20,000 was received from a customer.
3. On March 1, $12,000 was collected as rent for one year and a nominal account was credited.
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This solution provides answers for adjustment that would be made to business inventory.
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1.
Supplies, Aug 1, 2006 $ 7,350
Supplies purchased $20,150
Supplies, July 31, 2007 $ 8,810
Supplies consumed $18,690 ...
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