5:10 PM ezto.mheducation.com o Verizon LTE * 51 % At the end of fiscal year 2017

Question

5:10 PM ezto.mheducation.com o Verizon LTE * 51 % At the end of fiscal year 2017, the City of Columbus's General Fund pre-adjusting trial balance showed the following balances for operating and budgetary accounts and fund balance accounts. Debits Credits $5,524,000 2,426,000 Estimated Other Financing Uses Estimated Revenues Encumbrances Expenditures Other Financing Uses Revenues Budgetary Fund Balance Fund Balance-Nonspendable-Inventory of $7,297,000 5,492,000 2,420,000 7,280,000 112,700 1,983,000 653,000 Supplies Fund Balance-Unassigned The City of Columbus uses the purchases method of accounting for its inventory of supplies in the General Fund. The city uses a periodic inventory system in which the amount of inventory used during the year and the amount on hand at the end of the year are determined by a physica inventory. During the year $185,000 of supplies were purchased and recorded as expenditures. These purchases are included in the final expenditures balance of $5,492,000 shown above. The physical inventory revealed a supplies balance of $124,000 at the end of fiscal year 2017, an increase of $11,300 from the prior year Required a. Provide the required adjusting journal entry in the General Fund at the end of 2017. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the adjustment to inventory of supplies in the general fund Note: Enter debits before credits Date General Journal Debit C 2017 Record entry Clear entry View general journal b. Provide the required journal entries in the General Fund general journal to close the operating statement and budgetary accounts at the end of 2017. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Explanation / Answer

CITY OF COLUMBUS Debit Credit a . General Fund: Inventory of Supplies $11,300             Fund Balance—Nonspendable—Inventory of Supplies $11,300 b.General Fund Appropriations $5,524,000 Estimated Other Financing Uses $2,426,000              Estimated Revenues $7,297,000              Budgetary Fund Balance $653,000 Revenues $7,280,000 Fund Balance—Unassigned (difference) $632,000                   Expenditures $2,420,000                  Other Financing Uses $5,492,000

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