Please answer question 13 [Para. 4-a-13] 13. [4-a-13] Adjusting Entry. Because the city uses a periodic inventory system aphysical count of consumable supplies was taken at year-end showing an endingbalance of $60,420, an increase of $1,420 during the year. The city uses theconsumption method of accounting for its inventory in the General Fund and at the government-wide level. Recall that inventory purchases were initiallyrecorded as expenditures in the General Fund and as expenses at the government-wide level. Therefore, an increase in inventory requires adjustments to theexpenditure and expense accounts of the General Government function.Required: Prepare the adjusting journal entries in the General Fund journal toadjust General Government expenditures and Inventory of Supplies, and the FundBalance Nonspendable Inventory of Supplies and Fund Balance-Unassignedaccounts to the correct balances. In the governmental activities journal adjust theExpenses General Government and Inventory of Supplies accounts.Post all journal entries to the ledgers: After reviewing all entries for accuracy,including year and paragraph numbers, post all entries to the general ledgeraccounts and to all subsidiary ledger accounts, by clicking on [Post entries].Also post all entries in the governmental activities journal.

13. [4-a-13] Adjusting Entry. Because the city uses a periodic inventory system a physical count of consumable supplies was taken at year-end showing an ending balance of $60,420, an increase of $1,420 during the year. The city uses the consumption method of accounting for its inventory in the General Fund and at

13. [4-a-13] Adjusting Entry. Because the city uses a periodic inventory system a physical count of consumable supplies was taken at year-end showing an ending balance of $60,420, an increase of $1,420 during the year. The city uses the consumption method of accounting for its inventory in the General Fund and at

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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