GENERAL JOURNAL ENTRIES

Inventory Food Services Perpetual Method

25 To record receipt of USDA Commodities, valued at USDA price lists of $3,000 and to record the invoice for freight of $50.

26 To record a vendor invoice for frozen food valued at $5,000 delivered to the districts food service warehouse.

27 To record withdrawal of canned peaches from inventory valued at $300.

28 To record withdrawal of plastic spoons from inventory valued at $50.

29 To record increases in inventory of $50 in food and $100 in food supplies when physical inventories reveal the book figures are less than the actual stock.

Prepaid Items

30 To record an invoice received for a two-year insurance policy of $300,000.

31 To record the payment of the payable established for the two-year insurance policy. 32 To record the current year expenditure for the first year insurance policy.