Inventory transactions can be derived from year-end balances. All the amounts shown relate only to supplies. All

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Inventory transactions can be derived from year-end balances.

All the amounts shown relate only to supplies. All purchases during the year were paid in cash.Assume that the city uses the consumption method to account for supplies.a.?Reconstruct all journal entries relating to supplies that were made in 2021.b.?Make any additional entries that would be required at year-end 2021 to close the accounts.

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Government and Not-for-Profit Accounting Concepts and Practices

ISBN: 978-1119495857

8th edition

Authors: Michael H. Granof, Saleha B. Khumawala, Thad D. Calabrese, Daniel L. Smith

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Question Posted: Feb 21, 2020 05:55 AM

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Inventory transactions can be derived from year-end balances. All the amounts shown relate only to supplies. All

Question:

December 31, 2021 (Preclosing) December 31, 2020 (Preclosing) Expenditures Supplies inventory Encumbrances Reserve for encumbrances Nonspendable fund balance (supplies) $315,000 81,000 $54,000 36,000 45,000 9,000 54,000 54,000

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Consumption Method Under the consumption basis the expenditures would represent the amount of supplies consumed By analyzing the inventory account we ...View the full answer

Government and Not-for-Profit Accounting Concepts and Practices

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