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Fundamentals of Advanced Accounting 5th Edition by Joe Ben Hoyle,Thomas Schaefer,Timothy Doupnik
Edition 5ISBN: 978-1260575910Fundamentals of Advanced Accounting 5th Edition by Joe Ben Hoyle,Thomas Schaefer,Timothy Doupnik
Edition 5ISBN: 978-1260575910 Exercise 53
A purchase order for $3,000 is recorded in the General Fund for the purchase of a new computer. The computer is received at an actual cost of $3,020. Which of the following is correct
a. Machinery is increased in the General Fund by $3,020.
b. An encumbrance account is reduced by $3,020.
c. An expenditure is increased by $3,020.
d. An expenditure is recorded for the additional $20.
a. Machinery is increased in the General Fund by $3,020.
b. An encumbrance account is reduced by $3,020.
c. An expenditure is increased by $3,020.
d. An expenditure is recorded for the additional $20.
Explanation
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Purchase order of $3,000 and actual cost...
Fundamentals of Advanced Accounting 5th Edition by Joe Ben Hoyle,Thomas Schaefer,Timothy Doupnik
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