Inventory transactions can be derived from a limited amount of data.The following schedule shows the amounts related to supplies that a city debited and credited to the indicated accounts during a year (not necessarily the year-end balances), excluding closing entries. The organization records its budget, encumbers all its expenditures, and initially vouchers all payments. Itaccounts for supplies on a consumption basis. (in thousands)(In thousands ) Debits CreditsCash $0$70Inventory-0Vouchers payable --(appropriations)0115Encumbrances--Expenditures570Reserve for encumbrances5793Unassigned fund balance -0Nonspendable fund balance (supplies inventory)0-Some information is missing. By reconstructing the entries that the organization made during the year, you are to determine the missing data. The city began the year with $5,000 of supplies in inventory and endedthe year with $6,000.

Name: Inventory transactions can be derived from a limited amount of data.Th
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Inventory transactions can be derived from a limited amount of data.The following schedule shows the amounts related to supplies that a city debited and credited to the indicated accounts during a year (not necessarily the year-end balances), excludi

Answered: expenditures, and initially vouchers…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Concept explainers

Topic Video

Question

100%

Inventory transactions can be derived from a limited amount of data.
The following schedule shows the amounts related to supplies that a city debited and credited to the indicated accounts during a year (not necessarily the year-end balances), excluding closing entries. The organization records its budget, encumbers all its expenditures, and initially vouchers all payments. It
accounts for supplies on a consumption basis.

	(in thousands)	(In thousands )
	Debits	Credits
Cash	$0	$70
Inventory	-	0
Vouchers payable	-	-
(appropriations)	0	115
Encumbrances	-	-
Expenditures	57	0
Reserve for encumbrances	57	93
Unassigned fund balance	-	0
Nonspendable fund balance
(supplies inventory)	0	-

Some information is missing. By reconstructing the entries that the organization made during the year, you are to determine the missing data. The city began the year with $5,000 of supplies in inventory and ended
the year with $6,000.

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions