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I need help in this question. Please do them correctly and 100%. 1 5 points The City of Batavia ordered new computer equipment for $28.000
I need help in this question. Please do them correctly and 100%.
1 5 points The City of Batavia ordered new computer equipment for $28.000 on November 3, 20X2 The equipment had not been received by December 31, 20X2 Batavia's fiscal year-end. Required: a. Assume that the city has a policy that outstanding encumbrances lapse at year-end. (If no entry is required for a transaction/event. select "No Journal entry required in the first account field.) (1) Prepare the entry to record the encumbrance on November 3, 20x2. 2) Prepare the entries required on December 31, 20X2 3) Assuming that the city council accepts outstanding encumbrances in its budget for the next fiscal perlod (20x3). prepare entries on January 1, 20X3. (4) Prepare entries on January 18, 20X3, when the equipment was recelved with an invoice cost of $28.450 and accepted by the city. (5) Prepare the entry on December 31, 20X3, to close the expenditures account. eBook Print References View transaction Mat Journal entry worksheet Record the entry for the equipment order and encumbrances in 20x2. Note: Enter debits before credits Date General Journal Debit Credit Nov 03 Record entry Clear entry View general Journal 1 c. Now assume the city has a policy that outstanding encumbrances are nonlapsing, but the 20x3 City Council decided, during its budget hearlings for 20x3, not to accept the encumbrance for the computer equipment that had been ordered on November 3. 20x2. (If no entry is required for a transaction/event, select "No Journal entry required" in the first account field.) 5 points (1) Prepare the entry required on January 1, 20X3. to cancel the encumbrance reserve for the equipment ordered on November 3. 20x2 eBook D View transaction Mat Print References Journal entry worksheet Record the entry to cancel the 20x2 order for equipment. Note: Enter debits before credits Date General Journal Debit Credit Jan 01 Record entry Clear entry View general Journal
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