Georgetown purchased supplies on August 8, 20X2, for $4,100. At the fiscal year-end on September 30, the inventory of supplies was $3,100. Required: a. Assume that Georgetown uses the consumption method of accounting for inventories. (If 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.
