7 3.12 Doints Skipped eBook References Exercise 4-26 (Algo) Comparison of Inventory Methods [LO 04-01, 04-02] The following events and transactions relate to the purchase and use of supplies inventory for Jedville Township: 1. On March 21, 2022, supplies were ordered at an estimated cost of $847,000. 2. Supplies were received on April 4, 2022, and the actual cost of $854,000 was paid in cash. 3. On December 31, 2022, $74,000 in supplies remain. (Assume there was no beginning balance.) 4. On February 23, 2023, supplies were ordered at an estimated cost of $855,000. 5. Supplies were received on March 6, 2023, and the actual cost of $872,000 was paid in cash. 6. On December 31, 2023, $60,000 in supplies remain. Required a. Prepare journal entries to record the inventory transactions in Jedville's General Fund using the consumption method of accounting for inventory. Record the year-end adjusting and closing entries wherever necessary. b. Prepare journal entries to record the inventory transactions in Jedville's General Fund using the purchases method of accounting for inventory. Record the year-end adjusting and closing entries wherever necessary. c. Prepare journal entries to record the inventory transactions in Jedville's governmental activities ledger. Record the year-end adjusting and closing entries wherever necessary. Close expenses to Net Position-Unrestricted. Complete this question by entering your answers in the tabs below. Required A Required B Required C Prepare journal entries to record the inventory transactions in Jedville's General Fund using the purchases method of accounting for inventory. Record the year-end adjusting and closing entries wherever necessary. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Record the order of supplies for $847,000. 10 > 2 Record the reversal of encumbrances for receipt of supplies. 3 Record the payment $854,000 made for supplies received. 4 Credit Record the year-end adjustment to fund balance $74,000 on account of supplies remaining. Record the year-end closure of expenditure account of $854,000. 6 Record the order of supplies of $855,000. Note: = journal entry has been entered 7 Record the reversal of encumbrances for receipt of supplies. 8 Record the payment $872,000 made for supplies received. 9 Record the year-end adjustment to fund balance $14,000 on account of supplies remaining. 10 Record the year-end closure of expenditure account of $872,000. Note : = journal entry has been entered