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Prepare the journal entries made this year

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Question - General City's general fund reported a supplies inventory costing $400 at the beginning of the fiscal year. During the year, General City purchased and received supplies $18,000. Supplies costing $450 are on hand at the end of the fiscal year. Prepare the journal entries made this year using the (i) consumption and (ii) purchases methods. For the purchase method, the general fund reports supplies inventory on its balance sheet.

Reference no: EM132954727

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