Blushing City had the following balance sheet accounts and amounts

Blushing City had the following balance sheet accounts and amounts as of January 1, 2018:
Inventory of supplies .. . . . . . .. . . . . . .. . . . . . .. . . . . . .. . . . . . . $ 25,000
Fund balance, non-spendable .. . . . . . .. . . . . . .. . . . . . .. . . . . . . (25,000)
Fund balance, assigned . . . . .. . . . . . .. . . . . . .. . . . . . .. . . . . . . (18,000)
Fund balance, unassigned . . .. . . . . . .. . . . . . .. . . . . . .. . . . . . . (20,000)
Required
Prepare general fund journal entries for the following 2018 transactions:
1. Prior-period supplies encumbrances are reinstated in 2018. These are included in the 2018 budget.
2. Orders are placed for supplies inventory at an estimated cost of $70,000.
3. All inventory ordered (including amounts encumbered last year) is received; actual invoices are for $82,000.
4. The physical inventory of supplies at year-end is $30,000.
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...

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