The City of Ashland uses a periodic inventory system in which the amount of inventory at year-end is unknown until a physical count is completed. The town uses the purchases method of accounting for its inventory of consumable supplies in the General Fund. Assume that the inventory of supplies reported on the General Fund balance sheet at the end of the previous fiscal year, December 31, 2013, was $44,000 and a physical count as of December 31, 2014, reveals that the inventory is only $40,000. During the year, the town records all purchases of supplies as debits to Expenditures. The adjusting journal entry in the General Fund at December 31, 2014, will include a:
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