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Georgetown purchased supplies on August 8, 20X2, for $4,000. At the fiscal year-end on September 30, the inventory of supplies was $2,750 Required: a. Assume that Georgetown uses the consumption method of accounting for inventories of no entry is required for a transaction/event, select "No journal entry required" in the first account field.) (1) Prepare the entry for the purchase on August 8,20x2 (2) Prepare the entries required on September 30, 20X2, including the closing of the Expenditures account (3) Assuming the supplies were used during 20X3, prepare the entries on September 30, 20X3. View transaction list Journal entry worksheet 1 2 3 5 6 7 Record the acquisition of the inventory of supplies in 20x2. Note: Enter debits before credits. General Journal Debit Credit Date August 08 b. Assume that Georgetown uses the purchase method of accounting for inventories. (If no entry is required for a transaction/ever select "No journal entry required in the first account field.) (1) Prepare the entry for the purchase on August 8, 20x2 (2) Prepare the entries required on September 30, 20X2, including the closing of the Expenditures account (3) Assuming the supplies were used during 20X3, prepare the entry on September 30, 20X3. View transaction list Journal entry worksheet

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