What is the journal entry required when a township orders office supplies expected to cost $...
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What is the journal entry required when a township orders office
supplies expected to cost $...
A city orders a new computer for its General Fund at an anticipated cost of $88,000....
A city orders a new computer for its General Fund at an anticipated cost of $88,000. Its actual cost when received is $89,400. Payment is subsequently made. a. Prepare all required journal entries for both fund and government-wide financial statements. (Select the appropriate fund for each situation when required. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Debit Credit Transaction Fund/Activity General Journal 1. Purchase and payment made for computers...
Question 18 2.5pts Acity ordered supplies with an expected cost of $7,000 for the accounting department....
Question 18 2.5pts Acity ordered supplies with an expected cost of $7,000 for the accounting department. This amount is encumbered. The supplies are received with an invoice of $6,800. The entry to record the receipt of the supplies should include a debit to Encumbrance outstanding of $7,000. Encumbrances of $7,000 Appropriations of $200. Encumbrance outstanding of $6,800.
Problem 16-33 (LO 16-2, 16-6, 16-7) A city orders a new computer for its General Fund...
Problem 16-33 (LO 16-2, 16-6, 16-7) A city orders a new computer for its General Fund at an anticipated cost of $91,700. Its actual cost when received is $93,810. Payment is subsequently made a. Prepare all required journal entries for both fund and government-wide financial statements. (Select the appropriate fund for each situation when required. If no entry is required for a transaction/event, select "No journal entry required in the first account field.) X Answer is not complete. Debit Credit...
A company purchased office supplies costing $5300 and debited Supplies for the full amount. At the...
A company purchased office supplies costing $5300 and debited
Supplies for the full amount. At the end of the accounting period,
a physical count of office supplies revealed $950 still on hand.
The appropriate adjusting journal entry to be made at the end of
the period would be:
debit Supplies, $950; credit Supplies Expense, $950.
debit Supplies Expense, $4350; credit Supplies, $4350.
debit Supplies, $4350; credit Supplies Expense, $4350.
debit Supplies Expense, $6250; credit Supplies, $6250.
Journal entry worksheet < 3 4 5 6 The Office Supplies account had a $290 debit...
Journal entry worksheet < 3 4 5 6 The Office Supplies account had a $290 debit balance at the beginning of the year; and $2,680 of office supplies were purchased during the year. The December 31 physical count showed $342 of supplies available. Note: Enter debits before credits. Transaction General Journal Debit Credit c. Supplies expense Record entry Clear entry View general journal
Skysong, Inc. purchased office supplies costing $5740 and debited Supplies for the full amount. At the...
Skysong, Inc. purchased office supplies costing $5740 and debited Supplies for the full amount. At the end of the accounting period, a physical count of office supplies revealed $2050 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be: debit Supplies Expense, $2050; credit Supplies, $2050. O debit Supplies, $3690; credit Supplies Expense, $3690. O debit Supplies Expense, $3690; credit Supplies, $3690. debit Supplies, $2050; credit Supplies Expense, $2050.
A journal entry for a $210 payment to purchase office supplies was erroneously recorded as a...
A journal entry for a $210 payment to purchase office supplies was erroneously recorded as a debit to Office Supplies for $550 and a credit to Cash for $210. Which of the following statements correctly states the effect of the error on the trial balance? Select one: A. The sum of the credits will exceed the sum of the debits by $340, B. The sum of the debits will exceed the sum of the credits by $210. C. The sum...
Review the journal entry and explain what the probable transaction would be requiring the entry and...
Review the journal entry and explain what the probable transaction would be requiring the entry and how this entry is impacting the financial statements. Explanation should cover the actual transaction that occurred. Example: Utilities expenses 700, cash $700 Answer: Client paid current month's utility bill, asset is decreasing and net worth is decreasing. 1. Account Receivable 8,000 debit Services Revenue $8,000 credit 2. Explain what the probable transaction would be requiring the entry, and how this entry is impacting the...
Journal entry questions: Give the entry needed, or explain why no entry is needed. 1.On the...
Journal entry questions: Give the entry needed, or explain why no entry is needed. 1.On the first day of the fiscal year, the town council passes a budget that expects $10 million in property tax revenues, and authorizes the spending of $7 million for salaries, and $2 million in other general expenditures. 2.On November 1, the town fire department orders a new truck for $200,000. The town uses encumbrance accounting. No payment is made at this point. 3.On December 1,...
Journal entry questions: Give the entry needed, or explain why no entry is needed. 1.On the...
Journal entry questions: Give the entry needed, or explain why no entry is needed. 1.On the first day of the fiscal year, the town council passes a budget that expects $10 million in property tax revenues, and authorizes the spending of $7 million for salaries, and $2 million in other general expenditures. 2.On November 1, the town fire department orders a new truck for $200,000. The town uses encumbrance accounting. No payment is made at this point. 3.On December 1,...
A city orders a new computer for its General Fund at an anticipated cost of $88,000. Its actual cost when received is $89,400. Payment is subsequently made. a. Prepare all required journal entries for both fund and government-wide financial statements. (Select the appropriate fund for each situation when required. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Debit Credit Transaction Fund/Activity General Journal 1. Purchase and payment made for computers...
Question 18 2.5pts Acity ordered supplies with an expected cost of $7,000 for the accounting department. This amount is encumbered. The supplies are received with an invoice of $6,800. The entry to record the receipt of the supplies should include a debit to Encumbrance outstanding of $7,000. Encumbrances of $7,000 Appropriations of $200. Encumbrance outstanding of $6,800.
Problem 16-33 (LO 16-2, 16-6, 16-7) A city orders a new computer for its General Fund at an anticipated cost of $91,700. Its actual cost when received is $93,810. Payment is subsequently made a. Prepare all required journal entries for both fund and government-wide financial statements. (Select the appropriate fund for each situation when required. If no entry is required for a transaction/event, select "No journal entry required in the first account field.) X Answer is not complete. Debit Credit...
A company purchased office supplies costing $5300 and debited
Supplies for the full amount. At the end of the accounting period,
a physical count of office supplies revealed $950 still on hand.
The appropriate adjusting journal entry to be made at the end of
the period would be:
debit Supplies, $950; credit Supplies Expense, $950.
debit Supplies Expense, $4350; credit Supplies, $4350.
debit Supplies, $4350; credit Supplies Expense, $4350.
debit Supplies Expense, $6250; credit Supplies, $6250.
Journal entry worksheet < 3 4 5 6 The Office Supplies account had a $290 debit balance at the beginning of the year; and $2,680 of office supplies were purchased during the year. The December 31 physical count showed $342 of supplies available. Note: Enter debits before credits. Transaction General Journal Debit Credit c. Supplies expense Record entry Clear entry View general journal
Skysong, Inc. purchased office supplies costing $5740 and debited Supplies for the full amount. At the end of the accounting period, a physical count of office supplies revealed $2050 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be: debit Supplies Expense, $2050; credit Supplies, $2050. O debit Supplies, $3690; credit Supplies Expense, $3690. O debit Supplies Expense, $3690; credit Supplies, $3690. debit Supplies, $2050; credit Supplies Expense, $2050.
A journal entry for a $210 payment to purchase office supplies was erroneously recorded as a debit to Office Supplies for $550 and a credit to Cash for $210. Which of the following statements correctly states the effect of the error on the trial balance? Select one: A. The sum of the credits will exceed the sum of the debits by $340, B. The sum of the debits will exceed the sum of the credits by $210. C. The sum...
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