(Answered) The city of marshall uses the purchases method for

Accounting

The City of Marshall uses the purchases method for recording its inventory of supplies in the General Fund. Rather than using a perpetual inventory system, inventories are updated at year-end based on a physical count. Physical inventories were $85,000 and $75,000 at December 31, 2010 and 2011, respectively. The adjusting journal entry on December 31, 2011, will include a:

a. Debit to Inventory of Supplies for $75,000.
b. Debit to Expenditures for $10,000.
c. Credit to Inventory of Supplies for $10,000.
d. Credit to Expenditures for $10,000.

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