A physical count of consumable supplies at year-end showed an ending balance of $64,420, a decrease...

A physical count of consumable supplies at year-end showed an ending balance of $64,420, a decrease of $1,580 during the year. The city uses the purchases method of accounting for its inventory in the General Fund and the consumption method at the government-wide level. Since the city uses a periodic inventory system, both at the fund and governmental levels, it records all purchases of inventory as expenditures in the General Fund and as expenses at the government-wide level. The decrease in inventory requires no adjustment to the expenditure account (since the expenditure was recorded in a prior period); however, an adjustment to the expenses accounts should be made to the General Government function. Required: Prepare the adjusting journal entries in the General Fund journal to adjust the Inventory of Supplies and Fund Balance—Nonspendable—Inventory of Supplies accounts to the correct balances and the governmental activities journal to adjust the Expenses—General Government and Inventory of Supplies accounts.

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ekkarill92 answered 2 years ago

If a count of office supplies on hand reveal $1,000 of supplies unused at year-end and the Office Supplies on Hand account has a balance of $2,500

If a count of office supplies on hand reveal $1,000 of supplies unused at year-end and the Office Supplies on Hand account has a balance of $2,500, the adjusting entry to bring the Office Supplies on Hand up to date at year-end should include:A.Debit Office Supplies on Hand $1,000, Credit Office Supplies Expense $1,000B.Debit Office Supplies on Hand $1,500, Credit Office Supplies Expense $1,500C.Debit Office Supplies Expense $1,500, Credit Office Supplies on Hand $1,500D.none of the above

1) A company had $4,300 in its “Supplies” account before adjusting entries. A physical count showed...

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he Monty Company has just completed a physical inventory count at year end, December 31, 2022....

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The Book Binders Company’s Supplies account balance at the end of the period is $44,000. Supplies...

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