Question
During the year 2013, Lucas Cars established a special revenue fund for the maintenance of a Basketball court. The fund received $40,000 in sales contributions.
During the year 2013, Lucas Cars established a special revenue fund for the maintenance of a Basketball court. The fund received $40,000 in sales contributions.
Prepare the journal entries to recognize:
1. The receipt of the money.
2. Expenditures totaled $30,000.
3. $30,000 of vouchers payable were paid.
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The Audit Process Principles Practice And Cases
Authors: Stuart Manson, Iain Gray, Iain G. Sheffield, I.H. Gray, I. Etal Gray
2nd Edition
1861520107, 9781861520104
