Top Posters
Since Sunday
5
o
5
4
m
4
b
4
x
4
a
4
l
4
t
4
S
4
m
3
s
3
New Topic  
derro derro
wrote...
Posts: 866
Rep: 6 0
5 years ago
A government with a beginning inventory of supplies of $100 in its General Fund and had the following transactions during the year (all amounts are in thousands).

Transactions:

1.   Ordered supplies with an estimated cost of $3,150.
2.   Received supplies with an actual invoice cost of $2,920. No payment was made upon receipt; $2,950 was the encumbered amount.
3.   Paid $2,300 on account for supplies received in #2.
4.   During the year, the inventory warehouse issued $2,900 in supplies to general government departments.
5.   The ending physical inventory of General Fund supplies found $150 on hand at year end.

Requirements:

A.   Consumption method of accounting for inventory
1.   Prepare the general journal entries required to account for the previous information.
2.   Indicate the effects of the general journal entries on the Balance Sheet equation.
3.   Indicate amounts reported on Balance Sheet and Statement of Revenues, Expenditures, and Changes in Fund Balance with respect to the Inventory of Supplies.
B.   Purchases method of accounting for inventory
1.   Prepare the general journal entries required to account for the previous information.
2.   Indicate the effects of the general journal entries on the Balance Sheet equation.
3.   Indicate amounts reported on Balance Sheet and Statement of Revenues, Expenditures, and Changes in Fund Balance with respect to the Inventory of Supplies.


Textbook 
Governmental and Nonprofit Accounting

Governmental and Nonprofit Accounting


Edition: 11th
Authors:
Read 33 times
1 Reply
Replies
Answer verified by a subject expert
bolbolbolbol
wrote...
Staff Member
Top Poster
Posts: 3162
5 years ago
Sign in or Sign up in seconds to unlock everything for free
More solutions for this book are available here
 Attached file 
You must login or register to gain access to this attachment.
1

Related Topics

derro Author
wrote...

5 years ago
This helped my grade so much Perfect
wrote...

Yesterday
Thanks
wrote...

2 hours ago
This calls for a celebration Person Raising Both Hands in Celebration
New Topic      
Explore
Post your homework questions and get free online help from our incredible volunteers
  1014 People Browsing
Related Images
  
 290
  
 34
  
 599
Your Opinion
What's your favorite coffee beverage?
Votes: 274