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At the end of the current fiscal year, the City of Columbus General Fund pre-adjusted trial balance showed the following balances for operating and budgetary

At the end of the current fiscal year, the City of Columbus General Fund pre-adjusted trial balance showed the following balances for operating and budgetary accounts and fund balance accounts.

Debits
Credits
Appropriations



$5,824,000
Estimated Other Financing Uses




2,576,000
Estimated Revenues$7,597,000




Encumbrances
0




Expenditures
5,792,000




Other Financing Uses
2,570,000




Revenues




7,580,000
Budgetary Fund Balance
803,000




Fund Balance—Nonspendable—Inventory of Supplies




124,400
Fund Balance—Unassigned




1,986,000

The City of Columbus uses the purchase method of accounting for its inventory of supplies in the General Fund. The city uses a periodic inventory system in which the amount of inventory used during the year and the amount on hand at the end of the year is determined by a physical inventory. During the year, $200,000 of supplies were purchased and recorded as expenditures. These purchases are included in the balance of the final expenditure of $5,792,000 shown above. The physical inventory revealed a supply balance of $136,000 at the end of the fiscal year, an increase of $11,600 from the prior year.

Provide the required adjusting journal entry in the General Fund at the end of the year.

Provide the required journal entries in the General Fund general journal to close the operating statement and budgetary accounts at the end of the year.


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