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11. Sharjah City purchased supplies on July 10, 2019, for $3,600. At the year-end on December 31, 2019, the inventory of supplies was $2,800. Prepare
11. Sharjah City purchased supplies on July 10, 2019, for $3,600. At the year-end on December 31, 2019, the inventory of supplies was $2,800.
- Prepare the entries required on December 31, 2019, including the closing of the Expenditure account assuming that they use the consumption method.
- Assume that supplies were used during 2020, prepare the entries on December 31, 2020
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