On December 31, 2017, the following account balances, among others, were included in the preclosing trial balance of the General Fund of the City of Springfield. Estimated Revenue Expenditures Encumbrances $2,960,000 1,950,000 530,000 Expenditures 2016 300,000 Reserve for Encumbrances (1) 830,000 Appropriations 2,850,000 Revenue 3,220,000 Reserve for Supplies Inventory (2) 600,000 Supplies Inventory 600,000 Unreserved Fund Balance 300,000 (1) The balance in this account was $270,000 on January 1, 2017. Purchase orders outstanding on December 2017 total $530,000. (2) Supplies on hand on December 31, 2017, amount to $380,000. Prepare the necessary adjusting entries for the year ended December 31, 2017 Springfield uses the purchase method to account for supplies