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ozzi
3 years ago
10

Shoshone County uses the consumption method to account for supplies. At the beginning of the year the City had no supplies on ha

nd. During the year the City purchased $450,000 of supplies for use by activities accounted for in the General Fund. The City used $300,000 of those supplies during the year. At fiscal year-end, the appropriate account balances on the General Fund financial statements would be
Business
1 answer:
zhuklara [117]3 years ago
3 0

Answer:

Expenditures $300,000; Supplies inventory $150,000.

Explanation:

The consumption method recognizes an asset when an item is purchased and an expense when an item is used or consumed. Therefore, when supplies are first bought, Supplies Inventory has a balance of $450,000.

After using those supplies during the year, $300,000 should be debited from Supplies Inventory and credited to Expenditures.

Therefore, at fiscal year-end, the appropriate account balances on the General Fund financial statements would be: Expenditures $300,000; Supplies inventory $150,000.

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