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faltersainse [42]
3 years ago
14

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 Budgetary Fund Balance -- Reserve for Encumbrances for $551,000.
B. Debit Budgetary Fund Balance -- Reserve for Encumbrances for $550,000.
C. Debit Encumbrances Control for $551,000.
D. Debit Encumbrances Control for $550,000.
Business
1 answer:
Neporo4naja [7]3 years ago
4 0

Answer:

B. Debit Budgetary Fund Balance -- Reserve for Encumbrances for $550,000.

Explanation:

X City made an order for goods worth $550,000 and when the goods were received the invoice states $551,000. The company should indicate in the invoice the correct amount received and work with that.

Reserve for encumbrances is an account that contains funds that have been reserved for a particular purpose. In this case since the order was made in February, the funds of $550,000 would have been put in this account.

On receipt of the goods we debit Budgetary Fund Balance -- Reserve for Encumbrances for $550,000 (the correct value of goods received).

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Answer: He should should File a suit.

Explanation:

He should should File a suit.

The new innovation was Frederick's brain child, I believe God gave him this innovative Idea he could change people's lives professionally and even personally. Frederick should only sue the Professors for the use of his innovative idea and the Patents for this innovation to be transferred back to the rightful owner of innovation (Frederick) and not to sue them for everything they have the aim here is to teach/show professors that stealing is wrong and  not to punish.

We should not let evil doers prevail, suing Professors will teach them a lesson that stealing a person's idea is wrong and they should not do it again, if Frederick doesnot sue the professors would probably do it to another student. Frederick's law suit will not only help him but it will actually save a lot of students coming after him which is what Christianity is teach us to do good for other people.

6 0
3 years ago
LO 7.1Which of the following is true in a bottom-up budgeting approach?
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Answer:

The correct answer is letter "D": Departments determine their needs and relate them to the overall goals.

Explanation:

The bottom-up budgeting approach consists in giving each department within a firm the power of setting and controlling their budget according to the projects the department intends to develop that matches with the ultimate goal of the organization as a whole. It might be beneficial because each department is likely to come up with a budget that adjusts better to their needs but it could represent a headache for the company when it comes to racking each expense for each area.

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= Revenue - Expenses

= 110,000 - 90,000

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