The following events and transactions relate to the purchase and use of supplies inventory for Jedville Township:

1.On March 21, 2019, supplies were ordered at an estimated cost of $847,000.

2.Supplies were received on April 4, 2019, and the actual cost of $848,000 was paid in cash.

3.On December 31, 2019, $73,000 in supplies remain. (Assume there was no beginning balance.)

4.On February 23, 2020, supplies were ordered at an estimated cost of $855,000.

5.Supplies were received on March 6, 2020, and the actual cost of $874,000 was paid in cash.

6.On December 31, 2020, $60,000 in supplies remain.

Required

a.Prepare journal entries to record the inventory transactions in Jedville's General Fund using the consumption method of accounting for inventory. Record the year-end adjusting and closing entries wherever necessary.

b.Prepare journal entries to record the inventory transactions in Jedville's General Fund using the purchases method of accounting for inventory. Record the year-end adjusting and closing entries wherever necessary.

c. Prepare journal entries to record the inventory transactions in Jedville's governmental activities ledger. Record the year-end adjusting and closing entries wherever necessary.

1 Record the order of supplies of $847,000. 2 Record the receipt of supplies ordered cost of $847,000. 3 Record the payment $848,000 made for supplies received. 4 Record the supplies $775,000 consumed during the year 2019. 5 Record the year end adjustment to fund balance on account of $73,000 supplies remaining. 6 Record the year end closure of expenditure account $775,000. Note : = journal entry has been entered 7 Record the order of supplies cost of $855,000. 8 Record the receipt of supplies ordered of $855,000. 9 Record the payment $874,000 made for supplies received. 10 Record the supplies consumed during the year 2020 assuming the remaining supplies equal $887,000. 11 Record the year end adjustment to fund balance on account of $13,000 in supplies remaining. 12 Record the year end closure of expenditure account of $887,000