ureT htups)a2l.pax.edu/d2i/lms/quizzing/user/quiz_submissions attempt.d21?qi- 16

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ureT htups)a2l.pax.edu/d2i/lms/quizzing/user/quiz_submissions attempt.d21?qi- 1653018ai 3 isinPopup-08isprv-08idnb-08ucfq catio ntin as in the preceding year. 10. Historical cost principle 11. Consistency characteristic 12, Full disclosure principle 13. Relevance characteristic 1 Stable-dollar assumption (do not use historical cost principle). x6 (2) The performance obligation is satisfied. Accruals and deferrals in adjusting and closing process. (Do not use going concern.) Question 24 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. 1. The supplies inventory on August 1, 2017 was $9,350. Supplies costing $24,150 were acquired during the year and charged to the supplies inve 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. 3. On May 1, $20,000 was collected as rent for one year and a nominal account was credited supplies expness supply :33500 This question has not been graded. The correct answer is not displayed for Written Response type questions uestion 25

Explanation / Answer

1 Supplies expense 24690 =9350+24150-8810        Supplies 24690 2 Interest receivable 450 =30000*6%/12*3        Interest revenue 450 3 Rent revenue 15000 =20000/12*9      Unearned Rent revenue 15000

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