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Unformatted text preview: ed supplies
Cost of issuance determined using direct cost of supplies and overhead application
Department billed for supplies issued Inventory Issued
Due from General Fund 2,688.40 Cost of Materials & Supplies Issued 2,585.00 Billings to Departments 2,688.40 Inventory of Materials & Supplies 2,585.00 General Fund
Expenditures – Materials
Due to CSF 2,688.40
2,688.40 Overhead Expenses
Salaries & Wages Expense
Vouchers Payable 1,000
1,000 Physical Inventory
Physical Inventory Should be done at least annually
Adjust records to match physical count – usually have a shortage due to breakage, theft, or improper recording
Losses would be included in subsequent overhead charges Recording Inventory Shortage
Recording Inventory Shortage
Inventory of Materials & Supplies 2,000
0 SelfInsurance Fund
SelfInsurance Fund Full insurance coverage for all types of risk can be prohibitive expensive
Selfinsurance used to...
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This note was uploaded on 02/22/2013 for the course ACCT 324 taught by Professor Jones during the Spring '13 term at Texas A&M.
- Spring '13