Homework Answers
Purchases = $650,000
Paid = 650,000/2 = $325,000
Still to be paid = $325,000
Hence, Assets will reduce by $325,000
Liabilities will increase by $325,000
Fund balance will reduce by $650,000
-325,000 = 325,000-650,000
B) Not affected is:
Accounts receivables
i.e. 2
Other accounts are affected
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$350,000; Culture and Recreation, $150,000; and Miscellaneous,
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