Nassau county purchases $2,000 of supplies for cash. At year end, there is $500 of supplies...

Transcribed Image Text:

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?

Answer rating: 100% (QA)

Assuming that the county uses the consumption method the purchase of supplies will not be recorded a... View the full answer