Question
Present, in journal form, the adjusting entries that would be made on July 31, 2013, the end of the fiscal year, for each of the
Present, in journal form, the adjusting entries that would be made on July 31, 2013, the end of the fiscal year, for each of the following. 1.) The supplies inventory on August 1, 2012 was $7,350. Supplies costing $20,150 were acquired during the year and charged to the supplies inventory. A count on July 31, 2013 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. 4.) The companys equipment depreciates $400 per month. 5.) At July 31, $4,925 is owed to employees for wages that will be paid on August 4. 6.) Performed services for customers during the year. At July 31, $8,300 of such services performed and not yet been billed to the customer. Then, assuming the company uses reversing entries, indicate by number three adjusting entries that would be reversed.
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