Nassau county purchases $2,000 of supplies for cash. At year end, there is $500 of supplies...
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Nassau county purchases $2,000 of supplies for cash. At year end, there is $500 of supplies remaining. Assume that the county uses the consumption method. What is the journal entry, if any, in the fund financial statements and the government wide financial statements to record the purchase of the supplies and the amount remaining? Nassau county purchases $2,000 of supplies for cash. At year end, there is $500 of supplies remaining. Assume that the county uses the consumption method. What is the journal entry, if any, in the fund financial statements and the government wide financial statements to record the purchase of the supplies and the amount remaining?
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Assuming that the county uses the consumption method the purchase of supplies will not be recorded a... View the full answer
Related Book For
Government and Not for Profit Accounting Concepts and Practices
ISBN: 978-1118983270
7th edition
Authors: Michael Granof, Saleha Khumawala, Thad Calabrese, Daniel Smith
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