1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Vinil7 [7]
2 years ago
7

On July 1, 2018, Fred City ordered $1,500 of office supplies.They were to be paid for out of the general fund. Entry under:

Business
1 answer:
mel-nik [20]2 years ago
6 0

Answer:

A) Dr. Encumbrances – Office supplies              No entry

Cr. Encumbrances outstanding

Explanation:

The journal entry is given below;

For Governmental fund financial statements

Encumbrances-Office Supplies $1,500  

      To Encumbrances Outstanding $1,500

(Being Office Supplies ordered  is recorded)

For Government-wide financial statements

No journal entry is required as under the accrual accounting, no entry should be recorded until the transaction does not arise

Therefore the option a is correct

You might be interested in
Assume that Global Cleaning Service performed cleaning services for a department store on account for​ $180. How would this tran
tamaranim1 [39]

Answer:

(B) Increase both assets and equity by $180

Explanation:

The transaction analysis model tells us that:

Assets = Liabilities + Owner's Equity

Owner's equity = Contributed Capital + Retained Earnings

Retained Earnings = Net Income − Dividends

and

Net Income = Income − Expenses

The expanded accounting equation is obtain if all substitutions are made:

Asset = Liabilities + Contributed Capital + Income – Expenses − Dividends

In the Global Cleaning Service`s case:

Assets are increased either because the service is collected or is an account receivable. As the service provided is a revenue (income) is part of the Owner's Equity that also increase. Both, Asset and Owner's Equity, increase in 180.  

7 0
3 years ago
When somebody buys an insurance policy, that person is seeking to transfer risk away from herself and pass it on to the insuranc
Sonja [21]
Exactly, when someone buys an insurance policy that person is making sure that whatever happens to him/her, there is the policy to compensate for something that will be lost. He/she is transferring the risk away and pass it on to the insurance company for safekeeping. 
3 0
3 years ago
(TCO E & F) A _____ position in T-bond futures should be used to hedge falling interest rates and a _____ position in T-bond
MariettaO [177]

Answer: The correct answer is LONG; LONG

Explanation: A long position means the holder of the position owns the stock. A long position in a financial insteument means the holder of the position owns a positive amount of the instrument and has the expectation of an increase in value.

A short position refers to when the seller of the financial instrument does not own it.

6 0
3 years ago
Which customers are typical for the Agriculture, Food, and Natural Resources career cluster?
tatyana61 [14]
Chicken wing chicken wing hot dog and bologna
5 0
2 years ago
Tweedie Company issues 11,500 shares of restricted stock to its CFO, Mary Tokar, on January 1, 2014. The stock has a fair value
DENIUS [597]

Answer:

The journal entries are as follows:

(a) (i) on January 1, 2014

Unearned compensation A/c Dr. $5,75,000

       To Common stock (11,500 × 10)                $115,000                              

       To Paid-in Capital in Excess of Par - Common Stock $4,60,000

(ii) On December 31, 2015

compensation expenses A/c(575,000 × 1/5) Dr. $1,15,000

       To Unearned compensation                $1,15,000

(To record the restricted stock)

(b) On July 25, 2018,

common stock A/c Dr. $1,15,000

Paid-in Capital in Excess of Par - Common Stock A/c Dr. $4,60,000

     To compensation expenses  $4,60,000

     To unearned compensation   $1,15,000

(To record the forfeiture)

8 0
3 years ago
Other questions:
  • A mutual fund that attempts to hold quantities of shares in proportion to their representation in the market is called a _______
    9·1 answer
  • Denny Co. sells major household appliance service contracts for cash. The service contracts are for a one-year, two-year, or thr
    9·1 answer
  • Total Labor Variance Tico Inc. produces plastic bottles. Each bottle has a standard labor requirement of 0.01 hours. During the
    6·1 answer
  • Material and Labor Variances The following actual and standard cost data for direct material and direct labor relate to the prod
    14·1 answer
  • A truck costs $9,000 with a residual value of $1,000. the truck is expected to have a useful life of 40,000 miles. By assuming t
    13·1 answer
  • Jackson and Campbell have capital balances of $100,000 and $300,000, respectively. Jackson devotes full time and Campbell devote
    5·1 answer
  • Kogler Corporation's relevant range of activity is 7,000 units to 11,000 units. When it produces and sells 9,000 units, its aver
    7·1 answer
  • Meaning of business and its objectives plz helppppp
    7·1 answer
  • A producer of pottery is considering the addition of a new plant to absorb the backlog of demand that now exists. The primary lo
    14·1 answer
  • After informing his employer that he had cancer, Steve was abruptly fired. The federal legislation that prohibits discrimination
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!