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21. A county previously encumbered $25,000 for the acquisition of supplies. The supplies were received at a total cost of $24,000. To recognize this event

21. A county previously encumbered $25,000 for the acquisition of supplies. The supplies were received at a total cost of $24,000. To recognize this event the county should make which of the following entries?

A.

Debit Encumbrances $24,000; Credit Reserve for Encumbrances $24,000

B.

Debit Encumbrances $25,000; Credit Reserve for Encumbrances $25,000

C.

Debit Reserve for Encumbrances $24,000; Credit Encumbrances $24,000

D.

Debit Reserve for Encumbrances $25,000; Credit Encumbrances $25,000

22. Under GASB, in order for an art collection to avoid being capitalized, it needs to satisfy three conditions. Which of the following is not one of these conditions?

A.

They are subject to a policy that requires the proceeds from the sale of collection items to be used to acquire other items for the collection.

B.

They are appraised within every three year period

C.

They are protected and preserved

D.

They are held for public exhibition

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