Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 06, 2024

What is the journal entry required when a township orders office supplies expected to cost $ 1000 Correct answer Debit encumbrance. $1000 Credit Reserved for

What is the journal entry required when a township orders office supplies expected to cost $ 1000

Correct answer

Debit encumbrance. $1000

Credit Reserved for encumbrance $ 1000

Actual question what if the actual invoice is $ 997.25. What entry/tries must be made.

(Government for not profit accounting)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access with AI-Powered Solutions

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

Step: 2

Step: 3

Ace Your Homework with AI

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

Get Started

Students also viewed these Accounting questions

Question

2. A urine alarm is typically used to treat nocturnal enuresis. However, experts disagree on how the alarm decreases nighttime wetting. How might you use classical conditioning to explain its...

Answered: 1 week ago

Question

★★★★★

Progresso Corporation, one of your new audit clients, has not reported EPS data in its annual reports to stockholders in the past. The president requested that you furnish information about the...

Answered: 1 week ago

Question

★★★★★

Si una entidad compra un nuevo vehculo de reparto, no tiene sentido contabilizar el costo total del vehculo en el momento de la compra porque Seleccione uno: a. el beneficio ser demasiado bajo b. se...

Answered: 1 week ago

Question

★★★★★

You are in the final year of your apprenticeship, working in a material testing laboratory. Your line manager has asked you to put together a booklet explaining materials, and their properties to the...

Answered: 1 week ago

Question

★★★★★

3 00:39:40 Kramer Corp. began the current period with 4,180 units in process that were 100% complete as to materials and 60% complete as to conversion. Costs of $7,620 in direct materials and $4,880...

Answered: 1 week ago

Question

★★★★★

Mendez Inc. had the following information for the preceding year. Beginning Ending Inventory Inventory (1/1) (12/31) Work in Process Inventory $ ?? $ 37,000 Finished Goods Inventory $ ?? $ 32,000...

Answered: 1 week ago

Question

★★★★★

The April 30, 2020, bank statement for Comet Company showed a cash balance of $7,700. The cash account in the company's general ledger (G/L), according to the company's records on April 30, had a...

Answered: 1 week ago

Question

★★★★★

You haven't been getting much sleep lately and want to see how you compare to the average CSU student. You plan to sample students and ask them how many hours they sleep per night Then you will use...

Answered: 1 week ago

Question

★★★★★

34. Which of the following producers is employing practices that will support proper annuity product analyses to ensure a product is in the client's best interest? Oa. Kevin, who limits his...

Answered: 1 week ago

Previous Question Next Question