The City of Batavia ordered new computer equipment for $24,000 on November 3, 20X2. The equipment had not been received by December 31, 20X2, Batavias 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. (1) Prepare the entry to record the encumbrance on November 3, 20X2.
2. (2) Prepare the entries required on December 31, 20X2.
3. (3) Assuming that the city council accepts outstanding encumbrances in its budget for the next fiscal period (20X3), prepare entries on January 1, 20X3.
4. (4) Prepare entries on January 18, 20X3, when the equipment was received with an invoice cost of $24,750 and accepted by the city.
5. (5) Prepare the entry on December 31, 20X3, to close the expenditures account.