Question
Each of the following items are independent scenarios. a. On January 1, 2020, a city purchased office supplies for $103,000. During the year, $78,000 of
Each of the following items are independent scenarios. a. On January 1, 2020, a city purchased office supplies for $103,000. During the year, $78,000 of these supplies were used. Required: Record the journal entries for these transactions using the purchases method (disregard the encumbrance entries). b. Same facts as given in part "a" above, except use the consumption method instead of the purchases method (disregard the encumbrance entries). c. Property taxes of $4,000,000 are levied for Clark County. All except 7% of the taxes are expected to be collected within 60 days of year-end. Required: Prepare the required journal entry and identify the fund in which the entry is recorded
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