On July 1, 2018, Fred City ordered $1,500 of office supplies. They were to be paid for out of the general fund.Required:(A) What journal entry was required for the governmental fund financial statements?(B) What journal entry was required for the government-wide financial statements?
What will be an ideal response?
(A) For the governmental fund financial statements, an encumbrance must be recorded in the general fund.
| Encumbrances - Office supplies | 1,500 | |
| Encumbrances outstanding | 1,500 | |
? | ||
| ? | ||
| (B) For the government-wide financial statements, no entry is required because under accrual accounting, no entry is made until a transaction occurs. | ||
You might also like to view...
In a business report, where should you define terms that might be unfamiliar to your audience?
What will be an ideal response?
This question contains two parts; be sure to answer both. First, list at least four tips for handling a high volume of e-mail in a business setting. Next, suppose that you manage the back office of a car dealership. Explain how you would implement these tips in your office setting.
What will be an ideal response?
Insufficient capacity will result in ______.
A. additional costs of idle resources B. poor service quality C. customer satisfaction D. higher response rate
A major challenge in MPR is
A) knowing precisely how much advertising to purchase for a promotional campaign. B) managing relationships with connectors in an effort to reach intended audiences. C) understanding when a marketer's message is inappropriate for consumer audiences. D) finding practitioners adequately trained in assembling online campaigns. E) building relationships with product resellers.