Question
Assume that a town purchases $4,000 of supplies on account toward the end of the year. A year-end audit reveals that $1,500 of the inventories
Assume that a town purchases $4,000 of supplies on account toward the end of the year. A year-end audit reveals that $1,500 of the inventories remain unused. Prepare the journal entries for the purchase of inventories and the year-end adjusting entry assuming that the consumption method is used.
| General Journal | |||
|---|---|---|---|
| Description | Debit | Credit | |
| Supplies purchase: | |||
| Year-end adjustment: | |||
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Using Equity Audits To Create Equitable And Excellent Schools
Authors: Linda E. Skrla, Kathryn B. McKenzie, James Joseph Scheurich
1st Edition
1412939321, 978-1412939324
