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[answered] Listed below are various transactions affecting the City of


please, solve the problem in the government and nonprofit


Listed below are various transactions affecting the City of Highland Flats General Fund for the fiscal year ending Jun Requirements:

 

1. Prepare the journal entries for the above events, including any necessary year-end adjusting entries. If a transact

 

no entry, state ?No entry required? and explain why. Transactions:

 

1.

 

2.

 

3.

 

4.

 

5. Ordered supplies with an estimated cost of $3,150.

 

Received supplies with an actual invoice cost of $2,920. No payment was made upon receipt; $2,950 was the enc

 

Paid $2,300 on account for supplies received in #2.

 

During the year, the inventory warehouse issued $2,900 in supplies to general government departments.

 

The ending physical inventory of General Fund supplies found $150 on hand at year end. Requirements: A. B. bered amount. Consumption method of accounting for inventory

 

1. Prepare the general journal entries required to account for the previous information.

 

2. Indicate amounts reported on Balance Sheet and Statement of Revenues, Expenditures, and Changes in Fund Bal

 

Purchases method of accounting for inventory

 

1. Prepare the general journal entries required to account for the previous information.

 

2. Indicate amounts reported on Balance Sheet and Statement of Revenues, Expenditures, and Changes in Fund Bal s, and Changes in Fund Balance with respect to the Inventory of Supplies. s, and Changes in Fund Balance with respect to the Inventory of Supplies.

 


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