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

See similar textbooks

Similar questions

Saturday, August 15, 2026 Received a bill from Atlas Planning, 2026-1, for some layout designs for remodeling the back room and adding a bigger event space; for $150; due in 15 days ( account/category: Legal and professional fees). Daily sales today were 3 Fresh Flower Bouquets and 3 Birthday Vases paid by debit card and 3 more Fresh Flower Bouquets paid by cash. Mail off cheque 10027 to pay the Chamber of Commerce dues. Placed promotions (account hint) online with Easy Media Design for upcoming Wreath Workshop; 1-week coverage for $295, paid by Visa. A fresh flower bouquet delivery was late; Lynda Higgs is given a refund back to her credit card from the Undeposited Funds account. Make the bank deposit into the TD Operating account for the week's sales in cash and cheques; the deposit should be for $1,440.75. Transfer $633.14 from the Operating account to TD VISA to pay off the balance owing for July 2026. Post the monthly recurring loan payment transfer for August. Create a Report…
Salieri Company purchased 70 keyboards on account for $25 each from Amadeus, Inc. When they unpacked the keyboards, Salieri found that 50 of the keyboards were damaged in shipping. What is the journal entry that Salieri will make to record the purchase return? OA. Debit Accounts Payable - Amadeus and credit Inventory, $1,250. 00 B. Debit Purchase Returns and credit Inventory, $1,250. OC. Debit Purchase Returns and credit Inventory, $1,750. O D. Debit Accounts Payable - Amadeus and credit Inventory, $1,750.
s
Please help me do a general journal for this scenario: Master Flow, LLC sold 100 Units of Plumbing Fixtures to Craftsman Custom Builders at$200 /Unit. Master Flow opened a Trade Account for Craftsman. The terms are 2/10,N30. You do some research with the local industry trade group. Uncollectible accountstypically run a 2% of receivables for the Industry. You discuss this with Scott and youagree to establish an allowance using this guidance.
Archie makes plumbing fittings. He is currently preparing accounts for the year ended 31 December 2021, but his sales book was destroyed in a flood. He has a separate list of the moneys owing by customers at 31 December 2021, which amounted to £41,000 in total. Generally, Archie allows his customers 30 days credit. Archie estimated his sales for the year ended 31 December 2021 at:a) £14,235,000b) £1,170,000c) £488,500d) None of the above
How do I fill in the table properly?
In this activity, you are going to record a comprehensive transactions involving merchandising concern. Prepare the journal entries, T-accounts and trial balance of a merchandising concern. Cielo Bonita is engaged in buying and selling of novelty items. The following transactions have transpired for the month of Sept. 2020. Sept. 1 – She invested P100,500 cash and an old office equipment presently valued at P33,200 which she bought 2 years ago for P50,000. Sept. 2- Purchased MDSE from ABC Enterprise for P20,000. Terms: n/30, FOB destination. ABC paid P1,500 for the freight cost. Sept. 3- Sold MDSE for cash amounted to P10,600. Sept. 6- Purchased MDSE from Ali Commercial for P26,500. Terms: 50% down payment, balance 2/10, n/30. Sept. 7 – Sold MDSE to Jay Cesar for P12,500. Terms: 2/10, n/30, FOB Shipping point. Sept. 8 – Purchased from COVID Furniture a display counted for P6,000. Terms : 50% down payment, balance 1/10, n/30.92 Sept. 9 – Sold MDSE to Giles Anthony for P14,000. Terms:…
Lindley Enterprises sells hand-woven rugs. Paige Corporation is a regular customer of Lindley. On June 30, Paige purchased 500 rugs from Lindley for $450,000 on credit. On August 15, Paige paid Lindley in full on its $450,000 balance.
Stung, which is registered to account for sales tax, purchased furniture on credit at a cost of $8,000, plus sales tax of $1,200. What are the correct accounting entries to record this transaction? $ $ A Debit Furniture 9,200 Credit Supplier 9,200 B Debit Furniture 8,000 Credit Sales tax 1,200 Credit Supplier 6,800 C Debit Furniture 8,000 Credit Supplier 9,200 Debit Sales tax 1,200 D Debit Furniture 8,000 Credit Supplier 8,000
Record the following transactions in the general journal.
Looking for answers to subsections 4, 5 and 6 please!
Please do not give solution in image format ?