Chapter 11 ppt

Unt usuallyhaveashortageduetobreakage

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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 Inventory Issued CSF 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 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 Losses Inventory of Materials & Supplies 2,000 2,00 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.

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