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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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