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Government And Not For Profit Accounting
All the amounts shown relate only to supplies. All purchases

All the amounts shown relate only to supplies. All purchases during the year were paid in cash.

Question:

Assume that the city uses the consumption method to account for supplies.
a. Reconstruct all journal entries relating to supplies that were made in 20Xl.
b. Make any additional entries that would be required at year-end 20Xl to close the accounts.

Transcribed Image Text:

Expenditures Supplies inventory Encumbrances Reserve for encum- brances Nonspendable fund balance (supplies) December 31, December 31, 20X1 20X0 (Preclosing) (Preclosing) $315,000 81,000 36,000 45,000 54,000 $54,000 9,000 54,000

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Government And Not For Profit Accounting Concepts And Practices

ISBN: 9781119803898

9th Edition

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

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Question Posted: Oct 19, 2022 04:46 AM

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All the amounts shown relate only to supplies. All purchases during the year were paid in cash.

Question:

Expenditures Supplies inventory Encumbrances Reserve for encum- brances Nonspendable fund balance (supplies) December 31, December 31, 20X1 20X0 (Preclosing) (Preclosing) $315,000 81,000 36,000 45,000 54,000 $54,000 9,000 54,000

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Under the consumption basis the expenditures would represent the amount of supplies consumed By anal...View the full answer

Government And Not For Profit Accounting Concepts And Practices

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