Georgetown purchased supplies on August 8, 20X2, for $4,100. At the fiscal year-end on September 30, the inventory of supplies was $2,900. Required: a. Assume that Georgetown uses the consumption method of accounting for inventories. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

1. (1) Prepare the entry for the purchase on August 8, 20X2.
2. (2) Prepare the entries required on September 30, 20X2, including the closing of the Expenditures account.
3. (3) Assuming the supplies were used during 20X3, prepare the entries on September 30, 20X3.

b. Assume that Georgetown uses the purchase method of accounting for inventories. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

1. (1) Prepare the entry for the purchase on August 8, 20X2.
2. (2) Prepare the entries required on September 30, 20X2, including the closing of the Expenditures account.
3. (3) Assuming the supplies were used during 20X3, prepare the entry on September 30, 20X3.
4. 

Georgetown purchased supplies on August 8, 20X2, for $4,100. At the fiscal year-end on September 30, the inventory of supplies was $2.900. Required: a. Assume that Georgetown uses the consumption method of accounting for inventories. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) (1) Prepare the entry for the purchase on August 8,20x2. (2) Prepare the entries required on September 30, 20X2, including the closing of the Expenditures account (3) Assuming the supplies were used during 20x3.prepare the entries on September 30, 20X3. View transaction list > Record the acquisition of the inventory of supplies in 1 20x2. 2 Record the entry to recognize the ending inventory of supplies in 20x2. 3 Record the entry to establish the fund reserve for ending inventory in 20x2. Credit 4 Record the entry to close the expenditures account in 20x2. 5 Record the expenditures for the inventory consumed in 20X3. Note : = journal entry has been entered Record entry Clear entry View general journal Georgetown purchased supplies on August 8, 20X2, for $4.100. At the fiscal year-end on September 30, the inventory of supplies was $2.900. Required: a. Assume that Georgetown uses the consumption method of accounting for inventories. (If no entry is required for a transaction/event, select "No Journal entry required" In the first account field.) (1) Prepare the entry for the purchase on August 8,20x2. (2) Prepare the entries required on September 30, 20x2, including the closing of the Expenditures account. (3) Assuming the supplies were used during 20X3, prepare the entries on September 30, 20X3. View transaction list > 3 Record the entry to establish the fund reserve for ending inventory in 20x2. Record the entry to close the expenditures account in 20X2. 5 Record the expenditures for the inventory consumed in 20x3. Credit 6 Record the entry to remove the fund balance reserve for the inventory consumed in 20X3. 7 Record the entry to close the expenditures account in 20x3. Note : = journal entry has been entered Record entry Clear entry View general journal b. Assume that Georgetown uses the purchase method of accounting for inventories. (If no entry is required for a transaction/event, select "No Journal entry required" in the first account fleld.) (1) Prepare the entry for the purchase on August 8. 20x2. (2) Prepare the entries required on September 30, 20X2, including the closing of the Expenditures account. (3) Assuming the supplies were used during 20x3.prepare the entry on September 30, 20X3. View transaction list 1 Record the entry to acquire the inventory of supplies in 20x2. 2 Record the entry to recognize the ending inventory of supplies in 20x2. 3 Record the entry to close the expenditures account in 20x2. Credit Record the entry to remove the fund balance reserve for the inventory consumed in 20x3. Note : = journal entry has been entered Record entry Clear entry View general journal