Prepare journal entries for Iron Citys general fund for the following, including any adjusting and closing entries on December 31, 20X1 (the end of the fiscal year): Required: a. Acquired a three-year fire insurance policy for $5,800 on September 1, 20X1. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) b. Ordered new furniture for the city council meeting room on September 17, 20X1, at an estimated cost of $15,600. The furniture was delivered on October 1; its actual cost was $15,400, its estimated life is 10 years, and it has no residual value. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) c. Acquired supplies on November 4, 20X1, for $2,000. Iron City uses the consumption method of accounting. Supplies on hand on December 31, 20X1, were $1,100. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Prepare journal entries for Iron City's general fund for the following, including any adjusting and closing entries on December 31, 20X1 (the end of the fiscal year): Required: a. Acquired a three-year fire insurance policy for $5,800 on September 1, 20X1. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Answer is complete and correct. General Journal No Debit Credit Date September 01 1 Expenditures b. Ordered new furniture for the city council meeting room on September 17, 20X1, at an estimated cost of $15,600. The furniture was delivered on October 1; its actual cost was $15,400, its estimated life is 10 years, and it has no residual value. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Answer is complete and correct. No Date General Journal Debit Credit 1 September 17 Encumbrances 15,600 Budgetary fund balance-assigned for encumbrances 15,600 October 01 15,600 Budgetary fund balance-assigned for encumbrances Encumbrances 15,600 3 October 01 Expenditures Vouchers payable 15,400 15.400 c. Acquired supplies on November 4, 20X1, for $2,000. Iron City uses the consumption method of accounting. Supplies on hand on December 31, 20x1, were $1,100. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) % Answer is not complete. General Journal No Date Credit Debit 2,000 1 November 04 Expenditures Vouchers payable 2,000 December 31 Inventory of supplies Expenditures 1,100 December 31 Fund balanceunassigned Fund balance-assigned for inventories December 31 Fund balanceunassigned Expenditures