5 Treatment of inventories-consumption methodThe 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.)AccountDebitCredit1.To record purchase of supplies inventory.2.To record use of supplies inventory.

Under consumption merthod of Inventory recognize expenditure only for the amount of inventory used…

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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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