1. A county's general fund has $4,000,000 in supplies on hand at the start of 2020. It purchases $25,000,000 in supplies and uses supplies costing $26,000,000 during 2020. If the consumption method is used, what adjusting entry is required at year-end? A. Debit fund balance—unassigned, credit fund balance—nonspendable for $1,000,000 B. Debit fund balance—nonspendable, credit fund balance—unassigned for $1,000,000 C. Debit supplies inventory, credit fund balance—unassigned for $1,000,000 D. Debit fund balance—nonspendable, credit supplies inventory for $1,000,000.
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1. A county's general fund has $4,000,000 in supplies on hand at the start of 2020. It purchases $25...
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