EXERCISES & PROBLEMS (total of 70 points) 1.) Adjusting entries. 10 points 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 inventory. A count on July 31, 2018 indicated supplies on hand of $8,810. 2. On April 30, a ten-month, 6% note for $30,000 wanreceived from a customer *3. On May 1, $20,000 was collected as rent for one year and a nominal account was credited