Purchase Solution

Adjustments to Business Inventory

Not what you're looking for?

Ask Custom Question

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.

Purchase this Solution

Solution Summary

This solution provides answers for adjustment that would be made to business inventory.

Solution Preview

1.

Supplies, Aug 1, 2006 $ 7,350
Supplies purchased $20,150
Supplies, July 31, 2007 $ 8,810

Supplies consumed $18,690 ...

Purchase this Solution


Free BrainMass Quizzes
Change and Resistance within Organizations

This quiz intended to help students understand change and resistance in organizations

Organizational Leadership Quiz

This quiz prepares a person to do well when it comes to studying organizational leadership in their studies.

Social Media: Pinterest

This quiz introduces basic concepts of Pinterest social media

Marketing Management Philosophies Quiz

A test on how well a student understands the basic assumptions of marketers on buyers that will form a basis of their marketing strategies.

Situational Leadership

This quiz will help you better understand Situational Leadership and its theories.