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Assignment

Participation homework

Completion requirements
Opened: Thursday, 30 April 2020, 12:00 AM
Due: Saturday, 2 May 2020, 11:59 PM

The purchases method differs from the consumption method.

The Boyd School District began a recent fiscal year with $3,000 of supplies in stock. During its fiscal year, it engaged in the following transactions relating to supplies:

  • It purchased supplies at a cost of $22,000.
  • It paid for $19,000 of the supplies.
  • It used $20,000 of the supplies and therefore had $5,000 in supplies inventory at year‐end.
  1. Record the transactions assuming that the district uses the purchases method.
  2. Record the transactions assuming that the district uses the consumption method.
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