Q3. Bloomfield township orders services in the amount of 4000000 and records the order as an encumbrance when the services are provided, the invoice is in the amount of 3988000 Bloomfield's general fund has 100000 in supplies on hand at the start of the year during the current year, the town purchases 3000000 of supplies for cash and uses 2950000 of supplies. Prepare journal entries to record these events including any year end adjusting entries if a) the general fund uses the consumption method to record supplies b) the general fund uses the purchase method to record supplies and does not report supplies inventories on its balance sheet because the amount is considered insignificant Bloomfield's general fund purchases heavy equipment costing 240000. The equipment is sold in a subsequent year for 90000 cash Q3. Bloomfield township orders services in the amount of 4000000 and records the order as an encumbrance when the services are provided, the invoice is in the amount of 3988000 Bloomfield's general fund has 100000 in supplies on hand at the start of the year during the current year, the town purchases 3000000 of supplies for cash and uses 2950000 of supplies. Prepare journal entries to record these events including any year end adjusting entries if a) the general fund uses the consumption method to record supplies b) the general fund uses the purchase method to record supplies and does not report supplies inventories on its balance sheet because the amount is considered insignificant Bloomfield's general fund purchases heavy equipment costing 240000. The equipment is sold in a subsequent year for 90000 cash