Gotham City acquires $25,000 of inventory on November 1, 20X7, having held no inventory previously. On December 31, 20X7, the end of Gotham City's fiscal year, a physical count shows $8,000 still in stock. During 20X8, $6,500 of this inventory is used, resulting in a $1,500 remaining balance of supplies on December 31, 20X8.
Which of the following accounts are debited when closing entries are made for the general fund (assume outstanding encumbrances lapse at year-end)?
I. Appropriations Control.
II. Estimated Revenues Control.
III. Encumbrances.
IV. Budgetary Fund Balance-Reserved for Encumbrances.
V. Estimated Other Financing Uses-Transfer Out.
VI. Revenue-Property Tax.

Question

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The Answer of Gotham City acquires $25,000 of inventory on November 1, 20X7, having held no inventory previously. On December 31, 20X7, the end of Gotham City's fiscal year, a physical count shows $8,000 still in stock. During 20X8, $6,500 of this inventory is used, resulting in a $1,500 remaining balance of supplies on December 31, 20X8.
Which of the following accounts are debited when closing entries are made for the general fund (assume outstanding encumbrances lapse at year-end)?
I. Appropriations Control.
II. Estimated Revenues Control.
III. Encumbrances.
IV. Budgetary Fund Balance-Reserved for Encumbrances.
V. Estimated Other Financing Uses-Transfer Out.
VI. Revenue-Property Tax.

Gotham City Acquires $25,000 of Inventory on November 1, 20X7