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

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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