Please make all three questions and answers able to be copied over to word to be able to edit the tables
Please make all three questions and answers able to be copied over to word to be able to edit the tables
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Please make all three questions and answers able to be copied over to word to be able to edit the tables
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Record the following adjusting entries (using journal entry format, t-accounts, or use the
spreadsheet model) and show how the following adjustments (that would be made on
July 31, 2004, the end of the fiscal year) effect the accounting equation.
1. 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.
2. On March 31, 2004, a ten-month, 9% note for $8,000 was received from a
customer.
3. On May 1, 2004, $4,080 was collected as rent for one year.
K Focus"
Transcribed Image Text:to 100% Page Width
Window
All
Windows
3
Record the following adjusting entries (using journal entry format, t-accounts, or use the
spreadsheet model) and show how the following adjustments (that would be made on
July 31, 2004, the end of the fiscal year) effect the accounting equation.
1. 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.
2. On March 31, 2004, a ten-month, 9% note for $8,000 was received from a
customer.
3. On May 1, 2004, $4,080 was collected as rent for one year.
K Focus
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