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Home Q & A Board Other Fields Homework Help Business Accounting
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goji.go goji.go
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Posts: 5977
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9 years ago
A city uses the purchases method of accounting for supplies in the General Fund. At year-end, the amount of supplies on hand is material and the city wants to report the inventory in its balance sheet. How should the General Fund record the inventory?
      a.   debit supplies inventory and credit expenditures--supplies used
      b.   debit supplies inventory and credit vouchers payable--supplies
      c.   debit supplies inventory and credit unassigned fund balance
      d.   debit supplies inventory and credit nonspendable fund balance
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Diesel
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Answer accepted by topic starter
f_zah1f_zah1
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9 years ago
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goji.go Author
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#2
9 years ago
Thanks so much f_zah1.

You were correct Smiling Face with Open Mouth
Diesel
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#3
9 years ago
You're very welcome!
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