Georgetown purchased supplies on August 8, 20X2, for $4,400. At the fiscal year-end on September 30, the inventory of suppiles was $3,150. Required: a. Assume that Georgetown uses the consumption method of accounting for inventories. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) (1) Prepare the entry for the purchase on August 8, 20x2. (2) Prepare the entries required on September 30, 20x2, including the closing of the Expenditures account. (3) Assuming the supplies were used during 20X3, prepare the entries on September 30, 20X3.

Georgetown purchased supplies on August 8, 20X2, for $4,400. At the fiscal year-end on September 30, the inventory of suppiles was $3,150. Required: a. Assume that Georgetown uses the consumption method of accounting for inventories. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) (1) Prepare the entry for the purchase on August 8, 20x2. (2) Prepare the entries required on September 30, 20x2, including the closing of the Expenditures account. (3) Assuming the supplies were used during 20X3, prepare the entries on September 30, 20X3.

Name: b. Assume that Georgetown uses the purchase method of accounting for
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Description: b. Assume that Georgetown uses the purchase method of accounting for Inventortes. (If no entry is required for a transaction/event,select "No Journal entry required" In the first account field.)(1) Prepare the entry for the purchase on August 8, 20X

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 5MC: The moving average inventory cost flow assumption is applicable to which of the following inventory...

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