I need answer Northern Lights Hotel maintains guest suppliesinventory. Beginningcount400units,purchased 300 units, used 580 units. Physicalcount shows 105 units. Missing units?

Step 1:Missing units can be calculated by subtracting the ending units in physical count from the…

Answered: Northern Lights Hotel maintains guest…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 3PA: Review the following transactions, and prepare any necessary journal entries for Renovation Goods....

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purchased the following supplies for use in the repair shop: Unit of Measure Quantity Purchased Item Price per Extended Unit Total Cost Shop Towels Rolls 120 $4 $480 Degreasing Fluid Quarts 75 $9 $675 Gasket Sealer Tubes 40 $6 $240 Total $1,395 rins On July 1, Martha paid cash for the supplies and set the accounting policy that all supplies would initially be recorded in the Supplies asset account. At the end of July, Martha counted the supplies that were left and prepared the following listing: Quantity Remaining Unit of Item Measure Shop Towels Rolls 80 Degreasing Fluid Quarts 65 Gasket Sealer Tubes 32 At the end of August, Martha counted the supplies that were left and prepared the following listing: Unit of Measure Quantity Remaining Item Shop Towels Rolls 55 Degreasing Fluid Quarts 48 Gasket Sealer Tubes 22 The following is a partial list of the accounts in Martha's General Ledger. These are the only accounts you need for this problem. D Cash D Supplies D Supplies Expense
Review the following transactions, and prepare any necessary journal entries for Renovation Goods. A. On May 12, Renovation Goods purchases 750 square feet of flooring (Flooring Inventory) at $3.00 per square foot from a supplier, on credit. Terms of the purchase are 2/10, n/30 from the invoice date of May 12. B. On May 15, Renovation Goods purchases 200 measuring tapes (Tape Inventory) at $5.75 per tape from a supplier, on credit. Terms of the purchase are 4/15, n/60 from the invoice date of May 15. C. On May 22, Renovation Goods pays cash for the amount due to the flooring supplier from the May 12 transaction. D. On June 3, Renovation Goods pays cash for the amount due to the tape supplier from the May 15 transaction.
On July 1, 2021, Martha Jones started Martha's Auto Repair Shop, Inc. On that same day, Martha purchased the following supplies for use in the repair shop: Item Unit of Quantity Purchased Price per Unit Extended Total Cost Measure Shop Towels Rolls Supplies a 120 $4 $480 Degreasing Fluid Quarts 75 $9 $675 Gasket Sealer Tubes 40 t1 -- July 1 $6 $240 Total $1,395 Account N On July 1, Martha paid cash for the supplies and set the accounting policy that all supplies would initially be recorded in the Supplies asset account. At the end of July, Martha counted the supplies that were left and prepared the following listing: Unit of Quantity Remaining Item Measure ent 2 -- Ju Shop Towels Rolls 80 Degreasing Fluid Quarts 65 Gasket Sealer Tubes 32 At the end of August, Martha counted the supplies that were left and prepared the following listing: ient 3 -- Quantity Remaining Unit of Item Measure Shop Towels Rolls 55 Degreasing Fluid Quarts 48 Gasket Sealer Tubes 22 The following is a partial…
The following purchase transactions occurred during August for Backcountry Kayak Excursions. Aug 1 Purchased Kevlar kayaks (equipment) for $429 on account from Gear Inc. Aug 6 Purchased kayak paddles (supplies) for $674 on account from Southland Co. Aug 14 Purchased life vests (supplies) for $3,749 on account from Gear Inc. Record these transactions in a purchases journal. If no entry is required, select "no entry" from the dropdown box. If an amount box does not require an entry, leave it blank. Purchases Journal Page 1 Date Account Credited Post Ref Accounts Payable Cr. Supplies Dr. other Accounts Dr. Post. Ref. Amount Aug 1 6 14

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Northern Lights Hotel maintains guest supplies inventory. Beginning count 400 units, purchased 300 units, used 580 units. Physical count shows 105 units. Missing units?