Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Some information is missing , you are to determine the missing data,.The city began the year with $10000 of supplies in inventory and fund balance

Some information is missing , you are to determine the missing data,.The city began the year with $10000 of supplies in inventory and fund balance reserved for encumbrances $5000 (the government reappropriates outstanding commitments)and ended the year with $17000 of supplies inventory, and the city accounts for supplies on a purchases method. (Amounts below are not balances but resulting from journal entries made during year before closing entries were made and the government vouchers all its purchases, and the actual costs of supplies received are as estimated, all revenues are collected in cash) Debits Credits Cash 94000 84000 Inventory A 0 Actual revenues 0 94000 AP B C Appropriations 0 64000 Encumbrances D 44000 Expenditures E 0 Reserve for encumbrances 44000 54000 Fund balance unassigned F G Fund balance nonspendable 0 H ANSWER FORM A B C D E F G H

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

Broadcasting Finance In Transition

Authors: Jay G. Blumler, T. J. Nossiter

1st Edition

ISBN: 0195050894, 978-0195050899

More Books

Students also viewed these Finance questions

Question

Additional Factors Affecting Group Communication?

Answered: 1 week ago