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Question: General Fund of the City of Mineral Wells shows $35,000 in supplies inventory on January 1, 2016. During the year 2016, General Fund cash is used to purchase $120,000 of supplies. On December 31, 2016, the city conducts an inventory count and finds $50,000 of supplies inventory remains. Using the purchases method of accounting for inventory, prepare the journal entries necessary to record.

(a) Purchase of the inventory

(b) To make the year-end adjustment to inventory.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92569989

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