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  3. [para. 4a-16] the year-end balance of supplies inv

[Para. 4a-16] The year-end balance of supplies inventory is $7,000. Required: Adjust the...

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Accounting

  1. [Para. 4a-16] The year-end balance of supplies inventory is $7,000.

Required: Adjust the inventory of supplies account in both the General Fund and governmental activities journals. At the government-wide level expenses in General Government can be reduced by $7,000. In the General Fund, fund balance should be classified as nonspendable.

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