topic fund accounting journal entries accounting for inventories purchases method lo 4314354

topic fund accounting journal entries accounting for inventories purchases method lo 4314354

Topic: Fund Accounting Journal Entries – Accounting for Inventories (Purchases Method)

LO: 4

8.Assume that a town purchases $5,000 of supplies on account toward the end of the year. A year-endaudit reveals that $1,000 of the inventories remain unused.

Required: Prepare the journal entry for the purchase of the inventories and the year-end adjusting entry, assuming that the purchases method is used.

Topic: Fund Accounting Journal Entries – Accounting for Inventories (Consumption Method)

LO: 4

9.Assume that a town purchases $5,000 of supplies on account toward the end of the year. A year-endaudit reveals that $1,000 of the inventories remain unused.

Required: Prepare the journal entry for the purchase of the inventories and the year-end adjusting entry assuming that the consumption method is used.

 

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