On July 1, 2021, Martha Jones started Martha's Auto Repair Shop, Inc. On that same day, Marthapurchased the following supplies for use in the repair shop:AltUnit ofMeasureQuantityPurchasedPrice perUnitExtendedTotal CostItemShop TowelsRolls120$4$480Degreasing FluidQuarts75$9$675Gasket SealerTubes40$6$240Total $1,395On July 1, Martha paid cash for the supplies and set the accounting policy that all supplies wouldinitially be recorded in the Supplies asset account.At the end of July, Martha counted the supplies that were left and prepared the following listing:QuantityRemainingUnit ofItemMeasureShop TowelsRolls80Degreasing FluidQuarts65Gasket SealerTubes32At the end of August, Martha counted the supplies that were left and prepared the following listing:Unit ofMeasureQuantityRemainingItemShop TowelsRolls55Degreasing FluidQuarts48Gasket SealerTubes22The following is a partial list of the accounts in Martha's General Ledger. These are the onlyaccounts you need for this problem.> CashD SuppliesD Supplies Expense Requirement 4 -- July 31 supplies adjusting entryDebitCreditDateAccount NameRequirement 5 -- August 31 supplies on-handRequirement 6 -- "T" Account Analysis for August 31 adjusting entry"T" Account Analysis for Asset and Liability AccountsAccount Name =Supplies (asset account)DebitCredit(1) What is the current balance?(3) What adjustment is required toadjust from the current balanceto the should be balance?(2) What should be the balance?Requirement 7 -- August 31 supplies adjusting entryDateAccount NameDebitCreditRequirement 8 -- Total $ amount of supplies consumed during first 2 months of operation

Note: As per the Policy, we are supposed to solve the first three subparts at a time. Kindly repost…

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: Unit of Measure Quantity Purchased Price per Unit Extended Total Cost Item Shop Towels Rolls 120 $4 $480 Degreasing Fluid Quarts 75 $9 $675 Gasket Sealer Tubes 40 $6 $240 Total $1,395 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 Quantity Remaining Item Measure 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

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: Unit of Measure Quantity Purchased Price per Unit Extended Total Cost Item Shop Towels Rolls 120 $4 $480 Degreasing Fluid Quarts 75 $9 $675 Gasket Sealer Tubes 40 $6 $240 Total $1,395 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 Quantity Remaining Item Measure 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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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