ADJUSTMENTS PRACTICE (A) Calculate the adjustments from the following data and plot them onto the General Journal Form provided on the back of this sheet. 1) The beginning inventory of supplies was $475. A purchase of supplies was made on June 21 for $140, and then ending inventory of supplies was $270. 2) Billy prepaid Insurance for six months for June at $1800. At the end of the month, show the adjusting entry. 3) The Van $25,000 was purchased on January of this year. It has a useful life expectancy of five years and a residual (salvage) value of $2000. 4) The equipment $11,000 was purchased on February of this year. It has a useful life expectancy to last eight years and will have no salvage (no trade in value). 5) Payday June 30 falls on a Thursday. Wages of $100 a day are paid on each Friday. Record the wages that should be paid for Monday to Thursday. 6) On June 1st, Carol received a cheque for $1500 from a local exercise firm to give ten aerobics lessons to its new instructors. Carol taught only four of the lessons in June. 7) On June 30th Services had been performed in the clinic totaling $1200 for which no payment had been received and no bills had been sent. 8) Interest on bank loan is set at 10% of 15,000 annually. Calculate One month of interest that has occurred.