Georgetown purchased supplies on August 8, 20X2. for $4,200. At the fiscal year-end on September 30, the inventory of supplies was $3,000 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. Journal entry worksheet < 1 2 3 4 5 9 7 Record the acquisition of the inventory of supplies in 20X2. Note: Enter debits before credits. Date August 08 General Journal Debit Credit View general journal Record entry Clear entry Journal entry worksheet < 1 2 3 4 5 9 7 Record the entry to recognize the ending inventory of supplies in 20X2. Note: Enter debits before credits. Date September 30 General Journal Debit Credit Record entry Clear entry View general journal =6 Journal entry worksheet < 1 2 3 4 5 6 7 Record the entry to establish the fund reserve for ending inventory in 20X2. Note: Enter debits before credits. Date September 30 es General Journal Debit Credit View general journal Record entry Clear entry > Journal entry worksheet < 1 2 3 5 6 7 Record the entry to close the expenditures account in 20X2. Note: Enter debits before credits. Date September 30 General Journal Debit Credit View general journal Record entry Clear entry Journal entry worksheet < 1 2 3 4 5 6 7 Record the expenditures for the inventory consumed in 20X3. Note: Enter debits before credits. Date September 30 General Journal Debit Credit View general journal Record entry Clear entry Journal entry worksheet < 1 2 3 4 5 7 Record the entry to remove the fund balance reserve for the inventory consumed in 20X3. Note: Enter debits before credits. Date September 30 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 5 6 7 Record the entry to close the expenditures account in 20X3. Note: Enter debits before credits. Date September 30 General Journal Debit Credit 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 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 entry on September 30, 20X3. View transaction list Journal entry worksheet < 1 2 3 4 Record the entry to acquire the inventory of supplies in 20X2. Note: Enter debits before credits Date August 08 General Journal Debit Credit Journal entry worksheet < 1 2 3 4 Record the entry to recognize the ending inventory of supplies in 20X2. Note: Enter debits before credits. Date September 30 General Journal Debit Credit View general journal Record entry Clear entry Journal entry worksheet < 1 2 3 Record the entry to close the expenditures account in 20X2. Note: Enter debits before credits. Date September 30 General Journal Debit Credit Record entry Clear entry View general journal > L Journal entry worksheet < 1 2 3 Record the entry to remove the fund balance reserve for the inventory consumed in 20X3. Note: Enter debits before credits. Date September 30 General Journal Debit Credit View general journal Record entry Clear entry