Exercise $4-26($Static$)$ Comparison of Inventory Methods $[$LO $04-01,04-02]$

The following events and transactions relate to the purchase and use of supplies inventory for Jedville Township:

$$

On March $21,2022,$ supplies were ordered at an estimated cost of $$847,000.$

Supplies were received on April $4,2022,$ and the actual cost of $$850,000$ was paid in cash.

On December $31,2022,$ $$70,000$ in supplies remain. $($Assume there was no beginning balance.$)$

On February $23,2023,$ supplies were ordered at an estimated cost of $$855,000.$

Supplies were received on March $6,2023,$ and the actual cost of $$860,000$ was paid in cash.

On December $31,2023,$ $$60,000$ in supplies remain.

Required

Prepare journal entries to record the inventory transactions in Jedville's General Fund using the consumption method of accounting for inventory. Record the year$-$end adjusting and closing entries wherever necessary.

Prepare journal entries to record the inventory transactions in Jedville's General Fund using the purchases method of accounting for inventory. Record the year$-$end adjusting and closing entries wherever necessary.

Prepare journal entries to record the inventory transactions in Jedville's governmental activities ledger. Record the year$-$end adjusting and closing entries wherever necessary. Close expenses to Net Position$$Unrestricted$.$