1 What is the supplies on hand amount in Requirement 2 at July 31?

2 What is Supplies Expense for 8/31 (Requirement 7)?

On July 1, 2019, 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 Quantity Price per Extended Measure Purchased Item Total Cost Unit $4 $9 $6 $480 $675 $240 120 75 40 Rolls Quarts Tubes Shop Towels Degreasing Fluid 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 Quantity Measure Remaining Rolls Quarts Tubes Item Shop Towels Degreasing Fluid Gasket Sealer 80 65 32 At the end of August, Martha counted the supplies that were left and prepared the following listing: Unit of Quantity Measure Remaining Item Shop Towels Degreasing Fluid Gasket Sealer Rolls Quarts Tubes 48 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 Remove and use the forms on Pgs 217 and 218 to complete this problem. Requirement 1 Prepare the General Journal entry to record the purchase of the supplies on July 1 Requirement 2 Calculate the dollar amount of supplies on-hand as of July 31 Requirement 3 Prepare a T account analysis to determine the required July 31 adjustment to the Supplies account. Requirement 4 Prepare the July 31 General Journal supplies adjusting entry. Requirement 5 Calculate the dollar amount of supplies on-hand as of August 31. Requirement 6 Prepare a T account analysis to determine the required August 31 adjustment to the Supplie account. Requirement 7 Prepare the August 31 General Journal supplies adjusting entry Requirement 8 What was the total dollar amount of supplies consumed during Martha's first two months of operation