The City of Nickston uses the purchases method to account for the acquisition of supplies by its General Fund. At the end of fiscal 2012, the supplies inventory was valued at $ 63,000. At the end of fiscal 2013, the supplies inventory was valued at $ 71,000. Prepare the journal entry that needs to be made at the end of fiscal 2013 to adjust the amount of the supplies inventory.
Answer to relevant QuestionsSaralisa’s City, which operates on a calendar year basis, obtains 40 percent of its revenues from personal income taxes. Employers are required to withhold taxes from the earnings of city residents and remit them to the ...Prepare journal entries to record these interfund transactions in each affected fund: 1. The General Fund makes a short-term loan of $75,000 to a Special Revenue Fund. 2. The General Fund sends $100,000 cash to the Debt ...Are acquisitions of capital assets always accounted for through Capital Projects Funds? Explain. Are closing entries necessary in the accounting records for a capital project that is not completed in the first year? Reginald Canary, the mayor of the City of Bloomerville, is trying to locate available resources in the governmental-type funds to help “bail out” the General Fund. The General Fund expenditures currently exceed budgetary ...
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