Centralized management of purchasing

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Reference no: EM13139107

The central stores fund of cook city provides centralized management of purchasing, storage,and issue of supplies for the entire city. For the following summarized transactions and events for the year ended june 30, provide the fund level entries in general journal form required to conform to generally accepted accounting principles. If no entry is needed so indicate.

1) Central Stores Fund ordered supplies at an estimated cost of 62000

2)The supplies ordered in 1 above were received at invoice costs of 60400, these invoices were approved for payment

3)Supplies costing 51800 were issued to the city general fund and billed to that fund at a markup of 20% on cost

4) Expenses paid in cash during the year were: purchasing 5700 warehouseing 7100 and general and administrative 6200

Reference no: EM13139107

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