Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1 Present, in journal form, the adjustments that would be made on July 31, 2018, the end of the fiscal year, for each of the

image text in transcribed
1 Present, in journal form, the adjustments that would be made on July 31, 2018, the end of the fiscal year, for each of the following. [15] The supplies inventory on August 1, 2017 was $9,350. Supplies costing $24,150 were acquired during the year and charged to the supplies inventory. A count on July 31, 2018 indicated supplies on hand of $8,810. 2. On April 30. a ten-month, 6% note for $30,000 was received from a customer. Interest is received on maturity 3 On May 1, $20,000 was collected as rent for one year and a nominal account was credited for the full amount. An insurance premium of $6,000 was paid on March 1, 2017 and was charged to Prepaid Insurance. The premium covers a 24-month period beginning March 1, 2017 5 On June 1, 2017, cash of $54,000 was received from subscribers (customers) for a 36- month subscription period beginning on that date. The receipt was recorded by a debit to Cash and a credit to Uneamed Subscription Revenue. 4

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing And Other Assurance Services

Authors: Alvin Arens, James Loebbecke, W Lemon, Ingrid Splettstoesser

9th Canadian Edition

0130091243, 978-0130091246

More Books

Students also viewed these Accounting questions

Question

What is adverse impact? How can it be proved?

Answered: 1 week ago