h. At year-end, $6,000 in supplies was on hand. There were no supplies on hand a year ago. The city wishes to show the inventory and to establish a proper fund balance designation. 1. Prepare journal...

h. At year-end, $6,000 in supplies was on hand. There were no supplies on hand a year ago.

The city wishes to show the inventory and to establish a proper fund balance designation.

1. Prepare journal entries that would be made in the general fund for the above events.

2. Prepare closing entries.

3. Prepare a statement of revenues, expenditures, and changes in fund balance.