Record the following adjusting entries and show how the following adjustments (that would be made on July 31, 2004, the end of the fiscal year) effect the accounting equation.

-The supplies inventory on August 1, 2003 was $6,730. Supplies costing $14,520 were acquired during the year and charged to the supplies inventory. A count on July 31, 2004 indicated supplies on hand of $7,400.

-On March 31, 2004, a ten-month, 9% note for $8,000 was received from a customer.