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

ces Georgetown purchased supplies on August 8, 20X2, for $4,400. At the fiscal year-end on September 30, the inventory of suppiles was $3,150. Required: a. Assume that Georgetown uses the consumption method of accounting for inventories. (If no entry is required for a transaction/event, select "No Journal entry required in the first account field.) (1) Prepare the entry for the purchase on August 8, 20X2 (2) Prepare the entries required on September 30, 20X2, including the closing of the Expenditures account. (3) Assuming the supplies were used during 20X3, prepare the entries on September 30, 20X3. View transaction list Journal entry worksheet

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PROBLEMS Instructions: Supply the answer supported by computations in good form using your worksleet. 000 0A Problem 1-1. Bayo Dress Shop makes evening dresses. The following information has been gathered from the company records of 2019, the first year of company operations. Work in Process Inventory at the end of the year was P100,000. 008 Raw materials purchased on account, of which only P2,350,000 75% were paid during the year. 00 Raw materials issued to production, of which 25% is indirect materials 1,940,000 Accrued factory payroll (80% is direct labor) Depreciation of sewing and computer equipment Utilities paid Factory insurance expired Factory rent including P50,000 deposit usqmo MM 960,000o 1,350,000 80,000 320,000 17,500 no bro 000,01 to 1ey Bayo Dress Shop applies actual overhead to production. es[o 00 00aw bias i yunst no 000,0809 26w yosval 0e srut no 00, elsisir