Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Part II. On October 2, 2019, the Gandy, WI ordered goods and services estimated to cost the following: Education $2,749 Public Safety 8,496 Public Works

image text in transcribed
image text in transcribed
Part II. On October 2, 2019, the Gandy, WI ordered goods and services estimated to cost the following: Education $2,749 Public Safety 8,496 Public Works 10,213 General Government 3,565 1. Prepare the October 2 journal entry in the General Fund (this is fiscal year 2020): On October 13, 2019, $24,784 of the estimated order was received and the entry to record the receipt of the goods was correctly recorded in the General Fund. All orders were received for Education, Public Safety, and General Government. On October 15, 2019, invoices totaling $24,839 were received for the lot of goods ordered and received: Education $2,755 Public Safety 8,510 Public Works 9,981 General Government 3,593 2. Prepare the October 13 journal entry to record the receipt of the goods in the General Fund (you must show your calculations to receive any points): 3. Prepare the October 15 journal entry to record the actual cost and liability in the General Fund (you must show your calculations to receive any points): 4. In good form (properly labeled), after the October 15th entry is recorded, calculate Available Appropriations for Public Works. Assume no other entries have been recorded since the adoption of the FY 2020 budget

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Economics In A Global Economy

Authors: Dominick Salvatore

9th Edition

0190848251, 9780190848255

More Books

Students also viewed these Accounting questions

Question

What is the general process for selecting expatriates?

Answered: 1 week ago