General City's general fund reported a supplies inventorycosting $200,000 at the beginning of the...

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Accounting

General City's general fund reported a supplies inventorycosting $200,000 at the beginning of the fiscal year. During theyear, General City purchased materials and supplies on account for$15,000,000; $900,000 remains unpaid at year-end. Materials andsupplies costing $125,000 are on hand at the end of the fiscalyear. Prepare the journal entries made this year using theconsumption method and purchases method

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In: AccountingGeneral City's general fund reported a supplies inventorycosting $200,000 at the beginning of the fiscal...General City's general fund reported a supplies inventorycosting $200,000 at the beginning of the fiscal year. During theyear, General City purchased materials and supplies on account for$15,000,000; $900,000 remains unpaid at year-end. Materials andsupplies costing $125,000 are on hand at the end of the fiscalyear. Prepare the journal entries made this year using theconsumption method and purchases method