3. Prepare journal entries to record all of the transactions for this period in the Central Garage Fund accounts and in the governmental activities accounts. a. Supplies were purchased on account for $88,000; the perpetual inventory method is used. b. The cost of supplies used during the year ended June 30, 2011, was $130,000. A physical count taken as of that date showed materials and supplies on hand totaled $72,000 at cost. c. Salaries and wages paid to employees totaled $253,000, including related costs.

3. Prepare journal entries to record all of the transactions for this period in the Central Garage Fund accounts and in the governmental activities accounts. a. Supplies were purchased on account for $88,000; the perpetual inventory method is used. b. The cost of supplies used during the year ended June 30, 2011, was $130,000. A physical count taken as of that date showed materials and supplies on hand totaled $72,000 at cost. c. Salaries and wages paid to employees totaled $253,000, including related costs.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 3PA: Review the following transactions, and prepare any necessary journal entries for Renovation Goods....

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