Chap017-baker 18

Chap017-baker 18 - Expenditures 3,600 Vouchers Payable...

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Chapter 17 - Governmental Entities: Introduction and General Fund Accounting 17-18 E17-6 (continued) (3) Entry at end of 20X3 fiscal year: September 30, 20X3 Expenditures 2,800 Inventory of Supplies 2,800 Record expenditures for inventories consumed. Fund Balance – Reserved for Inventories 2,800 Fund Balance – Unreserved 2,800 Remove fund balance reserve for inventories consumed. Fund Balance – Unreserved 2,800 Expenditures 2,800 Close expenditures account. b. Purchase method of accounting for inventories: (1) Purchase of supplies: August 8, 20X2
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Unformatted text preview: Expenditures 3,600 Vouchers Payable 3,600 Acquire inventory of supplies. (2) Entries at end of 20X2 fiscal year: September 30, 20X2 Inventory of Supplies 2,800 Fund Balance Reserved for Inventories 2,800 Recognize ending inventory of supplies. Fund Balance Unreserved 3,600 Expenditures 3,600 Close expenditures account. (3) Entries at end of 20X3 fiscal year: September 30, 20X3 Fund Balance Reserved for Inventories 2,800 Inventory of Supplies 2,800 Remove fund balance reserve for inventories consumed....
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This note was uploaded on 10/09/2011 for the course ACC 253 taught by Professor Strimling during the Fall '11 term at Harper.

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