Question
2. Assume that the city of Panama Beach purchases $12,000 of supplies on account toward the end of the year. A year-end audit reveals that
2.
Assume that the city of Panama Beach purchases $12,000 of supplies on account toward the end of the year. A year-end audit reveals that $3,000 of the inventories remain unused.
Prepare the journal entry for the purchase of the inventories and the year-end adjusting entry, assuming that the purchases method is used.
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Fundamental Accounting Principles
Authors: John J Wild, Ken Shaw
25th Edition
1260247988, 978-1260247985
