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.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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.
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
а.
$253,000, including related costs.
Transcribed Image Text: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. 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 а. $253,000, including related costs.
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