Problem 6-3

4. The school paid $93,000 of the vouchers pu S. At year end, the school had supplies on hand costing $22,000 tions in the General Fund General Ledger of Benford Township using the consumption ransa th P6-3 (Capital Outlay: Inventory-Consumption Method) (a) Record the following method rd both ic inventory system) to account for materials, supplies, and prepayments ecord reported amount of expenditures to be re e budgetary and actual entries. (b) Compute the school district General Fund statement of revenues, expenditures, and changes in fundan (c) Compute the amount of nonspendable fund balance to be reported at year end. Materi and supplies costing $90,000 were on hand at the beginning of the year. 1. The town ordered the following: Estimated Cost Garbage vehicles-4... $225,000 312,000 The town received the garbage vehicles. The actual cost of $222,000 was vouchered for payment. 3. The town received most of the supplies ordered (estimated cost $302,000). The actual cost was $301,800. 4. The town paid $523,800 of vouchers payable. 5. At year-end, the town had supplies on hand costing $102,000