e beginning of 2015, the City of Fairview reported an Unassigned Fund Balance of $602,000 and a supplies inventory balance of $188,000. During the year, Fairview purchased $238,000 in supplies and used supplies of $231,000. The city reports inventory amounts of Fund Balance—Nonspendable. -Prepare the necessary journal entries under the purchases method.
e beginning of 2015, the City of Fairview reported an Unassigned Fund Balance of $602,000 and a supplies inventory balance of $188,000. During the year, Fairview purchased $238,000 in supplies and used supplies of $231,000. The city reports inventory amounts of Fund Balance—Nonspendable. -Prepare the necessary journal entries under the purchases method.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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At the beginning of 2015, the City of Fairview reported an Unassigned Fund Balance of $602,000 and a supplies inventory balance of $188,000. During the year, Fairview purchased $238,000 in supplies and used supplies of $231,000. The city reports inventory amounts of Fund Balance—Nonspendable.
-Prepare the necessary journal entries under the purchases method.
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