amounts to the nearest dollar.)4-5 Adjusting Entries for Inventory of Supplies. The Village of Baxter uses thepurchases method of accounting for its inventories of supplies in the GeneralFund. GASB standards, however, require that the consumption method be usedfor the government-wide financial statements. Because its computer system isvery limited, the Village uses a periodic inventory system, adjusting inventorybalances based on a physical inventory of supplies at year-end. When suppliesare received during the year, the Village records expenditures and expenses inthe general journals of the General Fund and governmental activities, respee-tively. The Village's inventory records showed the following information for thefiscal year ending December 31, 2011:Balance of inventory, December 31, 2010Purchases of inventory during 2011Balance of inventory, December 31, 2011$140,000720,000155,000Requireda. Provide the required adjusting entries at the end of 2011, assuming that theDecember 31, 2011, balance of Inventory of Supplies has been confirmed byphysical count. Make entries in the general journals of both the General Fund(omitting subsidiary detail) and governmental activities at the government-wide level.b. Assume that the General Fund uses the consumption method for reportinginventories of supplies rather than the purchases method. Make the requiredadjusting entries for the General Fund and government21 activities at the

Inventory recording can be done in various ways which is chosen by the business according to the…

Provide the required adjusting entries at the end of 2011, assuming that the December 31, 2011, balance of Inventory of Supplies has been confirmed by physical count. Make entries in the general journals of both the General Fund (omitting subsidiary detail) and governmental activities at the government-

Provide the required adjusting entries at the end of 2011, assuming that the December 31, 2011, balance of Inventory of Supplies has been confirmed by physical count. Make entries in the general journals of both the General Fund (omitting subsidiary detail) and governmental activities at the government-

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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