General City's general fund reported a supplies inventory costing $400 at the beginning of the fiscal year. During the year, General City purchased and received supplies $18,000. Supplies costing $450 are on hand at the end of the fiscal year. Prepare the journal entries made this year using the (i) consumption and (ii) purchases methods. For the purchase method, the general fund reports supplies inventory on its balance sheet.

General City's general fund reported a supplies inventory costing $400 at the beginning of the fiscal year. During the year, General City purchased and received supplies $18,000. Supplies costing $450 are on hand at the end of the fiscal year. Prepare the journal entries made this year using the (i) consumption and (ii) purchases methods. For the purchase method, the general fund reports supplies inventory on its balance sheet.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Determine the range of the following set of values. 48 42 55 28 112 79 95 27 36 14 96 193 191
Data: So 101; X= 114; 1+r= 1.12. The two possibilities for sr are 143 and 85.
Q4. What is the meaning of: b. n/eom:
Define Profi t and loss (P&L) statement
Define average collection period (ACP)
Concept of Reconcilation statement with an example .
7. How is direct material cost per equivalent unit calculated?
Define the term average collection period?
duct
How the MIRR is calculated
Q23
b. Discuss the effect on c and p, when there is an increase in: i. So ii. iii. O K