Question
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 | $ | 7,124,000 | |||||
Estimated Other Financing Uses | 3,226,000 | ||||||
Estimated Revenues | $ | 8,897,000 | |||||
Encumbrances | 0 | ||||||
Expenditures | 7,092,000 | ||||||
Other Financing Uses | 3,220,000 | ||||||
Revenues | 8,880,000 | ||||||
Budgetary Fund Balance | 1,453,000 | ||||||
Fund BalanceNonspendableInventory of Supplies | 175,100 | ||||||
Fund BalanceUnassigned | 2,009,000 | ||||||
The City of Columbus uses the purchases 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 are determined by a physical inventory. During the year, $265,000 of supplies were purchased and recorded as expenditures. These purchases are included in the final expenditures balance of $7,092,000 shown above. The physical inventory revealed a supplies balance of $188,000 at the end of the fiscal year, an increase of $12,900 from the prior year.
Required
- Provide the required adjusting journal entry in the General Fund at the end of the year. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
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