Purchase orders totaling $60,000 for supplies are outstanding at June 30, 2007, the close of the fiscal

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Purchase orders totaling $60,000 for supplies are outstanding at June 30, 2007, the close of the fiscal year. The supplies are received on July 18, 2007, at a cost of $59,800. Prepare the journal entries needed in the 2007-2008 fiscal year assuming that committed appropriations can be carried over to the next period.

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Advanced Accounting

ISBN: 9780131851221

9th Edition

Authors: Floyd A. Beams, Robin P. Clement, Suzanne H. Lowensohn, Joseph H. Anthony

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