a Record the following transactions in the General Fund

General
(a) Record the following transactions in the General Fund General Ledger of Benford Township
using the consumption method (periodic inventory system) to account for materials, supplies,
and prepayments. Record both the budgetary and actual entries. (b) Compute the amount of
expenditures to be reported in the school district General Fund statement of revenues,
expenditures, and changes in fund balance. (c) Compute the amount of nonspendable fund
balance to be reported at year end. Materials and supplies costing $90,000 were on hand at the
beginning of the year.1. The town ordered the following: Estimated CostGarbage vehicles—4 . .
. . . . . . . . . . . . . . . . . . . . . $225,000Supplies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
312,0002. The town received the garbage vehicles. The actual cost of $222,000 was vouchered
for payment.3. The town received most of the supplies ordered (estimated cost $302,000). The
actual cost was $301,800.4. The town paid $523,800 of vouchers payable.5. At yearend, the
town had supplies on hand costing $102,000.View Solution: a Record the following transactions
in the General Fund General
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