Chap017-baker 19

Chap017-baker 19 - 15,200 Vouchers Payable 15,200 Receive furniture at actual cost(c Acquired supplies – consumption method used November 4 20X1

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Chapter 17 - Governmental Entities: Introduction and General Fund Accounting 17-19 E17-7 Accounting for Prepayments and Capital Assets (a) Acquired three-year insurance policy: September 1, 20X1 Expenditures 5,400 Vouchers Payable 5,400 Record acquisition of three-year insurance policy. (b) New furniture for the city council meeting room: September 17, 20X1 ENCUMBRANCES 15,600 BUDGETARY FUND BALANCE – RESERVED FOR ENCUMBRANCES 15,600 Encumber for purchase orders for new furniture. October 1, 20X1 BUDGETARY FUND BALANCE – RESERVED FOR ENCUMBRANCES 15,600 ENCUMBRANCES 15,600 Reverse reserve for furniture received. Expenditures
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Unformatted text preview: 15,200 Vouchers Payable 15,200 Receive furniture at actual cost. (c) Acquired supplies – consumption method used: November 4, 20X1 Expenditures 1,800 Vouchers Payable 1,800 Acquire supplies. Closing entries: December 31, 20X1 Inventory of Supplies 1,120 Expenditures 1,120 Recognize ending inventory of supplies. Fund Balance – Unreserved 1,120 Fund Balance – Reserved for Inventories 1,120 Establish fund reserve for ending inventory. Fund Balance – Unreserved 21,280 Expenditures 21,280 Close expenditures account: $ 5,400 Insurance Policy 15,200 Furniture 680 Supplies $21,280 Total...
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This note was uploaded on 10/09/2011 for the course ACC 253 taught by Professor Strimling during the Fall '11 term at Harper.

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