Prepare the following adjusting journal entries (Refer to Adjusting JE Question.png)

Prepare, in journal form, the adjustments that should be made on July 31, 2020, the end of the fiscal year, for each of the following. Assume no monthly adjusting entries have been made during the year. The supplies inventory on August 1, 2019 was $9,420. Supplies costing $16,600 were acquired during the fiscal year and charged to the supplies 1 inventory. A count on July 31, 2020 indicated supplies on hand of $6,920. On April 30, 2020 an eight-month, 6 percent note for $21,500 was received from a customer. No entries have been made since the note was 2 established. 3 On March 1, 2020 $9,000 was collected as rent for one year and credited to the income statement. 4 An insurance policy for two years was acquired on April 1, 2020 for $3,600 and debited to prepaid insurance. 5 Rent of $4,800 for six months for a portion of the building was received on February 28, 2020 and credited to unearned rent revenue