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Numerical problems (68 points) - Show all your work. [Problem 1: 16 points) Present all the journal entries including the adjustments that would be made on July 31, 2020 (the end of fiscal year) for each of the following. (1) The supplies inventory on August 1, 2019 was $8,000. Supplies costing $50,000 were acquired in cash on September 11, 2019 and charged to the supplies inventory. A count on July 31, 2020 indicated supplies on hand of $14,500. There was no other transaction related to supplies during the fiscal year ending July 31, 2020. September 11, 2019: July 31, 2020: (2) Company borrowed $30,000 from its bank on April 1, 2020. The entry recorded at that time included a credit to notes payable for $30,000. No payments are due in 2020. The annual interest rate is 6%. April 1, 2020: July 31, 2020: (3) On May 1, 2020, $18,000 was collected as rent for one year. The rent service ends on April 30, 2021 May 1, 2020: July 31, 2020 (4) A two-year insurance policy was purchased on February 1, 2020. The $1.200 insurance premium was paid on that date, and the insurance policy ends on January 31, 2022 February 1, 2020: July 31, 2020