Question

At the end of the current fiscal year, the City of Columbus General Fund pre-adjusted trial balance showed the following balances for operating and budgetary accounts and fund balance accounts.

	Debits				Credits
Appropriations					$	7,124,000
Estimated Other Financing Uses						3,226,000
Estimated Revenues	$	8,897,000
Encumbrances		0
Expenditures		7,092,000
Other Financing Uses		3,220,000
Revenues						8,880,000
Budgetary Fund Balance		1,453,000
Fund Balance—Nonspendable—Inventory of Supplies						175,100
Fund Balance—Unassigned						2,009,000

The City of Columbus uses the purchases method of accounting for its inventory of supplies in the General Fund. The city uses a periodic inventory system in which the amount of inventory used during the year and the amount on hand at the end of the year are determined by a physical inventory. During the year, $265,000 of supplies were purchased and recorded as expenditures. These purchases are included in the final expenditures balance of $7,092,000 shown above. The physical inventory revealed a supplies balance of $188,000 at the end of the fiscal year, an increase of $12,900 from the prior year.

Required

1. Provide the required adjusting journal entry in the General Fund at the end of the year. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Answer 1

Pgo Answer Journal Entry in the gener Drovide ustina the required fund at the end of the year & Eredit(+) Acount Tehes for Soplavalion Debit C4)_ General fund: inuentioxy-of scupplies latenspendable, -fund balance.mînventory duplic.com $ 12,900 $ 12.900