ACCT GOV.+NFP ENTITIES LOOSELEAF W/CONN.
18th Edition
ISBN: 9781260949766
Author: RECK
Publisher: MCG
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Textbook Question
Chapter 4, Problem 22EP
At the end of the current fiscal year, the City of Columbus General Fund pre-adjusted
The City of Columbus uses the purchases method of accounting for its inventory of supplies in the General Fund. The city uses a periodic inventory system in which the amount of inventory used during the year and the amount on hand at the end of the year are determined by a physical inventory. During the year, $220,000 of supplies were purchased and recorded as expenditures. These purchases are included in the final expenditures balance of $6,192,000 shown above. The physical inventory revealed a supplies balance of $152,000 at the end of the fiscal year, an increase of $12,000 from the prior year.
Required
- a. Provide the required
adjusting journal entry (or entries) in the General Fund general journal at the end of the year. - b. Provide the required journal entries in the General Fund general journal to close the operating statement and budgetary accounts at the end of the year.
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General City's general fund reported a supplies inventory costing $200,000 at the beginning of the fiscal year. During the year, General City purchased materials and supplies on account for $15,000,000; $900,000 remains unpaid at year-end. Materials and supplies costing $125,000 are on hand at the end of the fiscal year. Prepare the journal entries made this year using the consumption method and purchases method.
The Village of Dove ruses the purchases method of accounting for its inventories of supplies in the General Fund. GASB standards, however, require that the consumption method be used for the government-wide financial statements. Because its computer system is very limited, the Village uses a periodic inventory system, adjusting inventory balances based on a physical inventory of supplies at year-end. When supplies are received during the year, the Village records expenditures and expenses in the general journals of the General Fund and governmental activities, respectively. The Village’s inventory records showed the following information for the fiscal year ending December 31, 2014:
Balance of inventory, December 31, 2013 $132,000
Purchases of inventory during 2014 772,000
Balance of inventory, December 31, 2014 150,000
Required
a. Provide the required adjusting entries at the end of 2014, assuming that the…
The City of Upper Falls accounts for its inventory using the purchases method. During the year the City bought $400,000 of supplies, for which it owed $100,000 at year-end. The City will pay for the supplies from available expendable financial resources. The entry that should be recorded in the City s General Fund is
a. Debit Expenditures $400,000; Credit Cash $300,000 and Accounts Payable $100,000.
b. Debit Expenditures $300,000; Credit Cash $300,000.
c. Debit Supplies Inventory $400,000; Credit Cash $300,000 and Accounts Payable $100,000.
d. Debit Supplies Inventory $300,000; Credit Cash $300,000.
Chapter 4 Solutions
ACCT GOV.+NFP ENTITIES LOOSELEAF W/CONN.
Ch. 4 - Last month a local government collected property...Ch. 4 - When preparing the statement or schedule of...Ch. 4 - Prob. 3QCh. 4 - Prob. 4QCh. 4 - If the General Fund of a certain city needs...Ch. 4 - Prob. 6QCh. 4 - Explain why some governments may account for...Ch. 4 - Prob. 8QCh. 4 - Prob. 9QCh. 4 - Prob. 10Q
Ch. 4 - A government reports Deferred Inflows of...Ch. 4 - Prob. 13CCh. 4 - Prob. 15CCh. 4 - Choose the best answer. When equipment is...Ch. 4 - Prob. 17.2EPCh. 4 - Goods for which a purchase order had been placed...Ch. 4 - Prob. 17.4EPCh. 4 - Garden City has calculated that General Fund...Ch. 4 - Prob. 17.6EPCh. 4 - Prob. 17.7EPCh. 4 - Prob. 17.8EPCh. 4 - Carroll City levies 200,000 of property taxes for...Ch. 4 - Prob. 17.10EPCh. 4 - During the current year, the City of Hickory Hills...Ch. 4 - On July 1, 2020, the beginning of its fiscal year,...Ch. 4 - Prob. 20EPCh. 4 - Prob. 21EPCh. 4 - At the end of the current fiscal year, the City of...Ch. 4 - The City of Waterville applied for a grant from...Ch. 4 - The following transactions occurred during the...Ch. 4 - The following transactions affected various funds...Ch. 4 - The following events and transactions relate to...Ch. 4 - The City of Castletons General Fund had the...Ch. 4 - Prob. 28EP
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