Inventory transactions can be derived from year-end balances. All the amounts shown relate only to supplies. All

Question:

Inventory transactions can be derived from year-end balances.

All the amounts shown relate only to supplies. All purchases during the year were paid in cash.Assume that the city uses the consumption method to account for supplies.a.?Reconstruct all journal entries relating to supplies that were made in 2021.b.?Make any additional entries that would be required at year-end 2021 to close the accounts.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For answer-question

Government and Not-for-Profit Accounting Concepts and Practices

ISBN: 978-1119495857

8th edition

Authors: Michael H. Granof, Saleha B. Khumawala, Thad D. Calabrese, Daniel L. Smith

See More Books

Question Posted: Feb 21, 2020 05:55 AM

See More Questions

The following schedule indicates selected accounts from a citys preclosing 2015 and postclosing 2014 general fund trial balances: .:. All of the amounts shown relate only to supplies. All purchases...
Inventory transaction amounts during the year can be derived from year-end balances. The following amounts relate to a citys supplies inventory for the year ended December 31, 2013: Inventory on...
The following schedule indicates selected accounts from a city's pre-closing 2018 and post-closing 2017 general fund trial balances: ___________________________December 31, 2018 December 31, 2017...
Describe the role of the police in contemporary society? 2. What does Alex Vitale argue? Do you agree with him? 3. Discuss the impact of the #Black Lives Matters protests. 4. How do you see the...
Determine the signal f(t) whose Fourier transform is shown in Fig. 18.38. (Hint: Use the duality property.) F(a) 10 F 2 1 02
The Adobe School District is hiring a vice principal and has interviewed four candidates: Andrew (A), Bono (B), Carol (C), and Davy (D). The hiring committee members have indicated their preferences:...
If you were trying to examine this issue, how would you proceed? Any suggestions for me to take next steps? same. Is that what happened? You normally wouldnt borrow money from the company, would you?
An equimolar liquid mixture of benzene and toluene is separated into two product streams by distillation. A process flowchart and a somewhat oversimplified description of what happens in the process...
Calculate the magnitude of the force on the charge q, given that the square is 10.0 cm on a side and q 9a9b = +7.46 C and qc = qa = -7.46 C. = 2.00 C, given that N
Combustion in a diesel engine may be modeled as a constant-pressure heat addition process with air in the cylinder before and after combustion. Consider a diesel engine with cylinder conditions of...
Can a government sell assets to itself to generate revenue? A city is having fiscal problems in 2021. It expects to report a deficit in its general fund, the only fund that is statutorily required to...
Explain tax abatements and how are they different from tax expenditures?
Consider the irreversible process in Problem 8.34. Assume that the process could be done reversibly by adding heat engines/pumps between tanks A and B and the cylinder. The total system is insulated,...
What are the different types of equity-like instruments in Islamic finance?
The file datafile begins with a single long value that tells you the offset of a single int piece of data within the same file. Write a program that gets the int piece of data. What is the int data?
How many lines does this code output? A. One. B. Two. C. Three. D. None. It doesnt compile. E. None. It throws an exception at runtime. import java.util.*; public class PrintNegative { public static...
How many lines of the following interface do not compile? A. Zero B. One C. Two D. Three E. Four F. None of the above 15: public interface Piano { String type = "Grand"; 16: 17: void play(); 18: 19:...
How many lines of the main method fail to compile? A. None B. One C. Two D. Three E. Four F. Five. 10: public class Transport { 11: 12: 13: 14: 15: 16: 17: 18: 19: 20: 21: 22: } } static interface...
A 0.200-kg piece of aluminum that has a temperature of -155 C is added to 1.5 kg of water that has a temperature of 3.0 oC. At equilibrium the temperature is 0.0 oC. Ignoring the container and...
9.Consider the reaction 3NO2(g)+H2O=2HNO3(aq)+NO(g) where Delta H=-137 kJ.How many kilojoules are released when 92.3g of NO2 reacts?
Discuss some of the presentation differences between the operating statements of not-for-profit and business-type governmental health care entities.
A board member of an NFP hospital has asked you what resources are available to help him in assessing the financial and operational performance of the hospital. Where would you direct him to obtain...
Compare the GAAP hierarchy for the federal government to that for state and local governments (see Chapter 11).
130 g of water is placed in a 10-g aluminum cup. Both the water and cup start at temperature 40 C. 30 g of ice at an initial temperature of 0 C is added to the water. The ice is allowed to melt and...
A small plastic ball of mass 5.86 10-3 kg and charge +0.178 C is suspended from an insulating thread and hangs between the plates of a capacitor (see the drawing). The ball is in equilibrium, with...
Assume that the firm invests $170,000 today and $200,000 three years from now to get $75,000 at Year 1, $80,000 at Year 2, $75,000 at Year 3, $140,000 at Year 4, $165,000 at Year 5, and $155,000 at...

Inventory transactions can be derived from year-end balances. All the amounts shown relate only to supplies. All

Question:

December 31, 2021 (Preclosing) December 31, 2020 (Preclosing) Expenditures Supplies inventory Encumbrances Reserve for encumbrances Nonspendable fund balance (supplies) $315,000 81,000 $54,000 36,000 45,000 9,000 54,000 54,000

Step by Step Answer:

Consumption Method Under the consumption basis the expenditures would represent the amount of supplies consumed By analyzing the inventory account we ...View the full answer

Government and Not-for-Profit Accounting Concepts and Practices

Students also viewed these Business questions