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What is the correct debit or credit for the following scenario: A contract was issued for the major part of work to be done by
What is the correct debit or credit for the following scenario: A contract was issued for the major part of work to be done by a private contractor in the amount of $1,200,000 for a new County court house?
A) Debit: Budgetary Fund Balance -- Reserve for Encumbrances.
B) Debit: Construction expenditures.
C) Credit: Cash.
D) Debit: Encumbrances Control.
A) Debit: Budgetary Fund Balance -- Reserve for Encumbrances.
B) Debit: Construction expenditures.
C) Credit: Cash.
D) Debit: Encumbrances Control.
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Principles of Accounting
Authors: Belverd E. Needles, Marian Powers and Susan V. Crosson
12th edition
978-1133603054, 113362698X, 9781285607047, 113360305X, 978-1133626985
