ACCT 360 Week 5 Accounting Assignment Help | Franklin University
- Franklin University / ACCT 360
- 25 Jan 2019
- Price: $10
- Other / Other
ACCT 360 Week 5 Accounting Assignment Help | Franklin University
P6-3 (Capital Outlay; Inventory–Consumption Method) (a) Record the
following transactions in the General Fund General Ledger of Benford Township
using the consumption method (periodic inventory system) to account for
materials, supplies, and prepayments. Record both the budgetary and actual
entries. (b) Compute the amount of expenditures to be reported in the school
district General Fund statement of revenues, expenditures, and changes in fund
balance. (c) Compute the amount of nonspendable fund balance to be reported at
year end. Materials and supplies costing $90,000 were on hand at the beginning
of the year.
1.
The town ordered the following:
|
Estimated Cost |
|
|
Garbage
vehicles–4 |
$225,000 |
|
Supplies |
312,000 |
2.
The town received the garbage vehicles. The actual cost of $222,000 was
vouchered for payment.
3.
The town received most of the supplies ordered (estimated cost
$302,000). The actual cost was $301,800.
4.
The town paid $523,800 of vouchers payable.
5.
At year end, the town had supplies on hand costing $102,000.
USA 
India