1) The Central Stores Fund of Cook City provides centralized management of purch

Question

1)     The Central Stores Fund of Cook City provides centralized management of purchasing, storage, and issue of supplies for the entire City. For the following summarized transactions and events for the year ended June 30, provide the fund level entries in general journal form required to conform to generally accepted accounting principles. If no entry is needed, so indicate.
1) The Central Stores Fund ordered supplies at an estimated cost of $62,000.
2) The supplies ordered in (1) above were received at invoice costs of $60,400; these invoices were approved for payment.
3) Supplies costing $51,800 were issued to the City General Fund and billed to that fund at a markup of 20 percent on cost.
4) Expenses paid in cash during the year were: purchasing, $5,700; warehousing, $7,100; and general and administrative, $6,200.

Explanation / Answer

Debit Credit Supplies Billed 60400 Accounts Payables 60400 City General Fund 62160 Supplies 51800 Mark up 10360 Expenses 19000 Cash 19000 Please consider the time devoted by rating this as lifesaver. Thank u in advance. God bless u :)

Related Questions

Navigate

• Browse (All)
• Browse 1
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.