ntry. Because the city us umable supplies was tak increase of $1,420 durin faccounting for its inve-
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![13. [4-a-13] Adjusting Entry. Because the city uses a periodic inventory system a
physical count of consumable supplies was taken at year-end showing an ending
balance of $60,420, an increase of $1,420 during the year. The city uses the
consumption method of accounting for its inventory in the General Fund and at](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd046fed3-afa8-4b62-b61b-e027e2dbdbcb%2F007f24e0-d701-41a8-aaaf-af6118469e67%2Fuup36t8_processed.jpeg&w=3840&q=75)
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- A government would account for inventory the same as would a business, with one additional feature. The Boyd School District began a recent fiscal year with $3,000 of supplies in stock. During its fiscal year, it engaged in the following transactions relating to supplies: It purchased supplies at a cost of $22,000. It paid for $19,000 of the supplies. It used $20,000 of the supplies and therefore had $5,000 in supplies inventory at year-end. Record the transactions assuming that the district uses the consumption method and purchase method.A government would account for inventory the same as would a business, with one additional feature.The Boyd School District began a recent fiscal year with $3,000 of supplies in stock. During its fiscal year, it engaged in the following transactions relating to supplies:• It purchased supplies at a cost of $22,000.• It paid for $19,000 of the supplies.• It used $20,000 of the supplies and therefore had $5,000 in supplies inventory at year-end.Record the transactions assuming that the district uses the consumption method.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.
- Inventory transactions can be derived from a limited amount of data.The following schedule shows the amounts related to supplies that a city debited and credited to the indicated accounts during a year (not necessarily the year-end balances), excluding closing entries. The organization records its budget, encumbers all its expenditures, and initially vouchers all payments. Itaccounts for supplies on a consumption basis. (in thousands) (In thousands ) Debits Credits Cash $0 $70 Inventory - 0 Vouchers payable - - (appropriations) 0 115 Encumbrances - - Expenditures 57 0 Reserve for encumbrances 57 93 Unassigned fund balance - 0 Nonspendable fund balance (supplies inventory) 0 - Some information is missing. By reconstructing the entries that the organization made during the year, you are to determine the missing data. The city began the year with $5,000 of supplies in inventory and endedthe year with $6,000.Changes in mix of revenues and expenditures must be interpreted with care. The data that follow were drawn from the city of Boulder, Colorado’s CAFR. Dates have been changed. They are from two statistical-section schedules showing the mix of revenue and expenditures for a 10-year period. They include amounts only from the general fund, special revenue funds, and debt service funds. 2020 2021 (amounts in thousands) Revenues Sales and use taxes $ 97,397 $104,136 General property taxes 29,474 29,434 Other taxes 20,278 21,184 Charges for services 27,030 22,670 Intergovernmental 16,420 13,348 Proceeds from bonds and notes 54,830 Other 20,660 21,473 Total revenues $266,089 $212,245 Expenditures General government and administration $ 27,717 $ 30,185 Public safety 47,825 48,202 Public works 22,178 27,896 Housing and human services 13,384 20,226 Culture and recreation 25,677 28,089 Capital outlay 29,111 19,218 Debt service 13,574 16,375…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…
- A township issued purchase orders totalling RO 300,000, which were properly charged to encumbrances at that time. The goods received and related invoices at the encumbered amounts RO 300,000 before year-end and paid RO 270,000. The balance of accounts payable at the year-end is a. RO 270,000 b. RO 300,000 c. None of the options d. RO 30,000Sohar township issued purchase orders totalling RO 300,000, which were properly charged to encumbrances at that time. The part of goods received and related invoices at the encumbered amounts RO 150,000 before year-end and paid. The encumbrances balance at the year-end is a. None of the options b. RO 250,000 c. RO 150,000 d. RO 300,000The City of Castleton’s General Fund had the following post-closing trial balance at June 30, 2019, the end of its fiscal year: Debits Credits Cash $ 476,000 Taxes Receivable—Delinquent 601,000 Allowance for Uncollectible Delinquent Taxes $ 189,120 Interest and Penalties Receivable 28,080 Allowance for Uncollectible Interest and Penalties 12,960 Inventory of Supplies 17,900 Vouchers Payable 166,500 Due to Federal Government 77,490 Deferred Inflows of Resources—Unavailable Revenues 427,000 Fund Balance—Nonspendable—Inventory of Supplies 17,900 Fund Balance—Unassigned 232,010 $ 1,122,980 $ 1,122,980 Prepare a General Fund balance sheet as of June 30, 2020.
- 3. The pre-closing trial balance of the General Fund for the City of Taif shows the following balances at the end of its fiscal year. Budgetary fund balance SAR 20,000 Fund balance, beginning (actual) 150.000 Estimated revenues 830.000 Appropriations 810.000 Revenues (actual) 725.000 Expenditures 675.000 Based on information presented above Prepare closing entries for the budgetary and financial accounts.On January 1, 2020, a city purchased office supplies for $103,000. During the year, $78,000 of these supplies were used. Required: Record the journal entries for these transactions using the purchases method (disregard the encumbrance entries).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.
