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Allushta [10]
3 years ago
6

The City of Grand Marais' fiscal year ends on June 30. Grand Marais uses encumbrance accounting. On May 6, a purchase order was

approved and issued for supplies in the amount of $6,000. Grand Marais received these supplies on June 2, and the $6,000 invoice was approved for payment. What General Fund journal entry should Grand Marais make on May 6, to record the approved purchase order
Business
1 answer:
Semenov [28]3 years ago
7 0

Answer:

Debit Encumbrances with $6,000 ; and Credit Budgetary Control also with $6,000 .

Explanation:

Encumbrance accounting is an accounting technique that is mainly employed to ensure that overspending of the taxpayers' money is avoided.

The journal entries will appear as follows in the book of the City of Grand Marais on May 6 as follows:

<u>Details                                        Dr ($)             Cr ($)          </u>

Encumbrances                         6,000

Budgetary Control                                           6,000

<em><u>To record the approval of a purchase order for supplies</u></em>

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gayaneshka [121]

Answer:

$607,000

Explanation:

False Value Hardware began 2016 with a credit balance of $32,000 in the allowance for sales returns account.

Sales and cash collections from customers during the year were $650,000 and $610,000, respectively.

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During 2016, customers returned merchandise for credit of $28,000 to their accounts.

False Value's 2016 income statement would report net sales of:  

The closing balance in the allowance for sales returns account will be: 32,000 opening balance + 6% 0f 650,000 - sales returns within the year of 28,000 = $43,000

Hence Net Sales will be 650,000 - 43,000 = $607,000

5 0
3 years ago
Bank Reconciliation
Karo-lina-s [1.5K]

Answer:

Cash balance according to the bank $23,557.98

+ deposits in transit $12,125.25

- outstanding check N⁰ 124 ($62)

- outstanding check N⁰ 125 ($42)

- outstanding check N⁰ 129 ($1,250)

adjusted bank balance = $34,329.23

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+ note collected by bank $15,250.75

- NSF check ($23,475.40)

- Bank fees ($250)

- Error in recording check N⁰ 125 ($9,000)

adjusted cash account balance = $34,122.23

two errors were detected:

  1. outstanding check N⁰ 125 correct amount is ($24)
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so the readjusted balances are:

adjusted bank balance = $34,329.23 + ($42 - $24) = $34,347.23

adjusted cash account balance = $34,122.23 + ($250 - $25) = $34,347.23

now both accounts are equal.

5 0
3 years ago
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3 years ago
Why do employees who participate in planning change efforts tend to have more positive opinions about the change
dusya [7]

Answer:

This question is incomplete, the options are missing. The options are the following:

a) They have the opportunity to reject the proposed change.

b) They will have the opportunity to know more than others about the change.

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And the correct answer is the option D: They will feel a sense of ownership of planned change and are more likely to be on board.

Explanation:

To begin with, it will be more acceptable for an employee of a company or a member of a group to agree with a change if that person was involved in the planning of the change. That means that he will feel that he is part of the solution and therefore part of the team because his ideas were listened and maybe he contributed with something. That is why that members who participate in the planning of a change will always be more positive about the final outcome due to the fact that they were there during the process of deciding that outcome and that will make them feel integrity related to the work and to the team as well.

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Irina-Kira [14]

Answer:

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