A USA state government uses the consumption method for supplies. The entity spent $25,000 on...
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Accounting
A USA state government uses the consumption method for supplies. The entity spent $25,000 on various supplies during the fiscal year 2021. At the end of Fiscal Year 2021, there is $2,000 remaining in supplies. What will be the debit on the last day of FY 2021? Would this be the same if the purchase method was used? Would this be a similar process in the for-profit sector?
1. Inventory, No, Yes
2. Expenditures, No, Yes
3. Expenditures, No, No
4. Inventory, No, No
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