Unit of Measure Quantity Purchased Price per Extended Total Cost Item Unit Rolls 120 $4 $480 Shop Towels Quarts 75 $9 $675 Degreasing Fluid Tubes 40 $6 $240 Gasket Sealer 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: Unit of Measure Quantity Remaining Item Rolls 80 Shop Towels Quarts 65 Degreasing Fluid Tubes 32 Gasket Sealer At the end of August, Martha counted the supplies that were left and prepared the following listing: Quantity Remaining Unit of Item Measure Rolls 55 Shop Towels Quarts 48 Degreasing Fluid Tubes 22 Gasket Sealer 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 P Supplies Expense

Unit of Measure Quantity Purchased Price per Extended Total Cost Item Unit Rolls 120 $4 $480 Shop Towels Quarts 75 $9 $675 Degreasing Fluid Tubes 40 $6 $240 Gasket Sealer 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: Unit of Measure Quantity Remaining Item Rolls 80 Shop Towels Quarts 65 Degreasing Fluid Tubes 32 Gasket Sealer At the end of August, Martha counted the supplies that were left and prepared the following listing: Quantity Remaining Unit of Item Measure Rolls 55 Shop Towels Quarts 48 Degreasing Fluid Tubes 22 Gasket Sealer 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 P 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

Hi I hope you are health is good
Running Data began operations on February 1 The company produces GPS watches designed for runners. On February 15, the company purchased 2,700 DVD discs to include with each running watch it sells. The DVD is preloaded with product setup information, an instruction manual including video examples, and warranty details. Each disc cost Running Data $7. During February, 250 discs were taken from the raw materials inventory. Of these, 90 were taken by the sales manager to sales meetings with prospective retailers to carry the watches and handed out as advertising. The remaining discs were included with the GPS watches that were being manufactured in February. Of the watches that were bundled with the discs during February. 70% were completed and transferred from work in process to finished goods. Of the watches completed during the month, 50% were sold and shipped to customers. Required: 1. Determine the cost of discs that would be in each of the following accounts at February 28 a Raw…
A technician makes an annual check on an oil burner. The charges for itemsand services are:1 gun nozzle . . . . . . . . . . . . . . . . . . . . . . . . . . . . $6.751 air filter (14 inches 20 inches) . . . . . . . . . . . . $1.901 fuel filter cartridge . . . . . . . . . . . . . . . . . . . . . . . $2.95Clean burner and make adjustments . . . . . . . . . . $15.00Check for water in fuel tank . . . . . . . . . . . . . . . . . $4.25House call . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $25.00
please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image)
please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image)
Nov. 5 Purchased 600 units of product at a cost of $10 per unit. Terms of the sale are 2/10, n/60; the invoice is dated November 5. Nov. 7 Returned 25 defective units from the November 5 purchase and received full credit. Nov. 15 Paid the amount due from the November 5 purchase, less the return on November 7. Prepare journal entries to record each of the merchandising transactions assuming that the periodic inventory system is used Please don't provide answer in image format thank you
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…
Quality Move Company made the following expenditures on one of its delivery trucks: Mar. 20 Replaced the transmission at a cost of $1,990. June 11 Paid $1,455 for installation of a hydraulic lift. Nov. 30 Paid $57 to change the oil and air filter. Prepare journal entries for each expenditure. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTSQuality Move CompanyGeneral Ledger ASSETS 110 Cash 111 Petty Cash 112 Accounts Receivable 114 Interest Receivable 115 Notes Receivable 116 Merchandise Inventory 117 Supplies 119 Prepaid Insurance 120 Land 123 Delivery Truck 124 Accumulated Depreciation-Delivery Truck 125 Equipment 126 Accumulated Depreciation-Equipment 130 Mineral Rights 131 Accumulated Depletion 132 Goodwill 133 Patents LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable EQUITY 310 Owner's…
its Skipped eBook The following information is available for the year ended December 31: Beginning raw materials inventory Raw materials purchases Ending raw materials inventory Advertising expense The amount of raw materials used in production for the year is: $ 12, 200 88,400 11, 600 780
Mary's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Mary's purchases of Xpert snowboards during September is shown below. During the same month, 119Xpertsnowboards were sold. Mary's uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept 1 Inventory 25 $95 $2,375 Sept. 12 Purchases 45 100 4.500 Sept 19 Purchases 20 102 2,040 Sept. 26 Purchases 50 103 5.150 Totals 140 $14.065 (a) Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. FIFO LIFO The ending inventory at September 30 Cost of goods sold
Presented below is information related to Blowfish radios for the Waterway Company for the month of July. Date Transaction Units In Unit Cost Total Units Sold Selling Price Total July 1 Balance 190 $4.00 $ 760 6. Purchase 1,520 4.10 6,232 7 Sale 570 $6.90 $3,933 10 Sale 570 7.20 4,104 12 Purchase 760 4.40 3,344 15 Sale 380 7.30 2,774 18 Purchase 570 4.50 2,565 22 Sale 760 7.30 5,548 25 Purchase 950 4,48 4,256 30 Sale 380 7.40 2,812 Totals 3,990 $17,157 2,660 $19,171 (a1)
Testing Supplies Inventory and Expense Using IDEAYou have been assigned the task of testing the client’s Supplies Expense based on purchase records and the year-end inventory count. ELM’s unaudited Trial Balance shows a recorded amount of $33,650 for Supplies Expense during the 4th quarter. Per the client, Supplies Expense consists of the all supplies indirectly used in the factory, but which do not get included in the cost of the manufacturing process. These products are all inventory units beginning with E, Q, or J. Assume that the cost of supplies remained constant throughout the quarter. Required:a. Using the information given about beginning balances, purchases, ending counts, and the vendor price list, recalculate Supplies Expense. For the purposes of this exercise, ignore any taxes or shipping charges and base costs solely on the price list.b. Does ELM’s recorded Supplies Expense appear reasonable? Would the auditor perform any further detail testing on Supplies Expense? Explain…