pplies Inventory $0. c. Expenses $400,000; Supplies Inventory $200,000. d. Expenses $400,000; Supplies Inventory $0.
1. Shoshone County uses the consumption method to account for supplies. At the beginning of the year the City had no supplies on hand. During the year the City purchased $600,000 of supplies for use by activities accounted for in the General Fund. The City used $400,000 of those supplies during the year. At fiscal year-end the appropriate account balances on the government-wide financial statements would be
a. Expenses $600,000; Supplies Inventory $200,000.
b. Expenses $600,000; Supplies Inventory $0.
c. Expenses $400,000; Supplies Inventory $200,000.
d. Expenses $400,000; Supplies Inventory $0.
2. Shoshone County uses the consumption method to account for supplies. At the beginning of the year the City had no supplies on hand. During the year the City purchased $600,000 of supplies for use by activities accounted for in the General Fund. The City used $400,000 of those supplies during the year. At fiscal year-end, the appropriate account balances on the General Fund financial statements would be
a. Expenditures $600,000; Supplies Inventory $200,000.
b. Expenditures $600,000; Supplies Inventory $0.
c. Expenditures $400,000; Supplies Inventory $200,000.
d. Expenditures $400,000; Supplies Inventory $0.
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