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Tanzania [10]
3 years ago
8

In February, X City ordered $550,000 of supplies. On March 17th it received all of the ordered supplies and an invoice of $551,0

00. Which of the following would be recorded upon receipt of the supplies and invoice?A) Debit Encumbrances Control for $550,000.B) Debit Encumbrances Control for $551,000.C) Debit Budgetary Fund Balance -- Reserve for Encumbrances for $550,000.D) Debit Budgetary Fund Balance -- Reserve for Encumbrances for $551,000.
Business
1 answer:
Lemur [1.5K]3 years ago
8 0

Answer:A) Debit Encumbrances Control for $550,000

Explanation:

A) Debit Encumbrances Control for $550,000

Encumbrance  is a restriction that controls the usage of funds, Encumbrance prevents the organisation from overspending

when X city ordered supplies of $550 000 the city created an encumbrance control with an amount of 550 000. when the supplies are received expenditure on supplies will be limited to $550 000

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Answer:

Accounts Payable -Yes

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Nolan Company deposits all cash receipts on the day when they are received and it makes all cash payments by check. At the close
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Answer:

Balance as per cash book                                                 $ 20,621

Less: Debit memorandum                                                 $ (      22)

Add: Interest earned on bank balance                             $        34

Add: Correction of error                                                     <u>$          9</u>

Adjusted balance per cash book                                      $ 20,642

Balance as per bank statement                                         $  19,791

Add: Deposits in Transit                                                     $   3,333

Less: Outstanding checks                                                  <u>$  ( 2,482)</u>

Adjusted balance per bank statement                              $  20,642

Explanation:

The debit memorandum from the bank has to be adjusted from the cash book. This is only known from the bank statement

The interest earned on the bank balance is only known from the bank statement and has to be adjusted in the cash book

The correction of error needs to be corrected in the cash book.

The deposits in transit have been recorded in the cash book so no adjustment is needed there. The money has not been deposited so the bank statement balance has to be added thereto,

The checks issued by the Company, have been properly recorded in the cash book, however, since the checks have not been encashed the bank balance needs to be reduced to reconcile the balance.

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3 years ago
What helps the resources and goods and services move around the circular flow?
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MaverickMaverick Co. budgets production of 120 comma 000120,000 units in the next year. MaverickMaverick​'s CFO expects that eac
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Answer:

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