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eatment of inventories-consumption method e City of Walck uses the consumption method to account for supplies inventory in its General Fund. Supplies of $33,600 were purchased during the year and supplies of 2,000 were used during the year. epare the journal entries to record the purchase and use of supplies. (Assume that vouchers payable is used and cash has not been disbursed to pay for the inventory.) Account Debit Credit To record purchase of supplies inventory. To record use of supplies inventory.

eatment of inventories-consumption method e City of Walck uses the consumption method to account for supplies inventory in its General Fund. Supplies of $33,600 were purchased during the year and supplies of 2,000 were used during the year. epare the journal entries to record the purchase and use of supplies. (Assume that vouchers payable is used and cash has not been disbursed to pay for the inventory.) Account Debit Credit To record purchase of supplies inventory. To record use of supplies inventory.

FINANCIAL ACCOUNTING
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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Treatment of inventories-consumption method The City of Walck uses the consumption method to account for supplies inventory in its General Fund. Supplies of $33,600 were purchased during the year and supplies of $12,000 were used during the year. Prepare the journal entries to record the purchase and use of supplies. (Assume that vouchers payable is used and cash has not been disbursed to pay for the inventory.) Account Debit Credit 1. To record purchase of supplies inventory. 2. To record use of supplies inventory.
Transcribed Image Text:Treatment of inventories-consumption method The City of Walck uses the consumption method to account for supplies inventory in its General Fund. Supplies of $33,600 were purchased during the year and supplies of $12,000 were used during the year. Prepare the journal entries to record the purchase and use of supplies. (Assume that vouchers payable is used and cash has not been disbursed to pay for the inventory.) Account Debit Credit 1. To record purchase of supplies inventory. 2. To record use of supplies inventory.
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