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Sharjah City purchased supplies on July 10, 2019, for $3,600. At the year-end on December...

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Accounting

Sharjah City purchased supplies on July 10, 2019, for $3,600. At the year-end on December 31, 2019, the inventory of supplies was $2,800.

  1. Prepare the entry for purchase on July 10, 2019 assuming that they use the purchase method.

  1. Prepare the entries required on December 31, 2019, including the closing of the Expenditure account assuming that they use the purchase method.

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