Problem 7-3 Purchasing Supplies and the Monthly Supplies Adjusting Entry On July 1, 2017, Martha Jones started Martha's Auto Repair Shop, Inc. On that same day, Martha purchased the following supplies for use in the repair shop: Quantity Price per Extended Total Cost Item Shop Towels Degreasing Fluid Gasket Sealer Unit of Rolls Quarts Tubes Measure Purchased Unit 120 75 40 $480 $675 $240 Total $1,395 On July 1, Martha paid cash for the supplies and set the accounting policy that all supplies would $9 $6 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 ofQuantity Measure Remaining Item Shop Towels Degreasing Fluid Gasket Sealer Rolls Quarts Tubes 65 32 At the end of August, Martha counted the supplies that were left and prepared the following listing Item Shop Towels Degreasing Fluid Gasket Sealer Unit of Quantity Rolls Quarts Tubes MeasureR Remaining 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