Danville, KY, population 16,735, adopted its general fund budget on July 1 for $2,657,000 for fiscal...
Danville, KY, population 16,735, adopted its general fund budget on July 1 for $2,657,000 for fiscal year 2021. Danville issued purchase orders totaling $11,050 on August 14. Approximately $8,860 of the goods were received on August 17 (receiving report issued), with an invoice of $8,844 received on August 18. Payment for this order was made on August 31. The remaining goods were received on September 4 with an invoice for $2,188 received on September 5.
13. Which of the following would be the third in the order of the flow of goods?
A. Appropriations.
B. Expenditures.
C. Encumbrances.
D. Payment.
14. What is the entry that would be recorded when the purchase order was issued?
A. Debit Estimated Revenues, $3,220,000.
B. Credit Encumbrances Outstanding—2021, $8,860.
C. Debit Encumbrances—2021, $11,050.
D. Credit Voucher Payable, $11,050.
15. After the purchase order is issued, what is the amount of available appropriations in the general fund?
A. $2,645,950.
B. $2,657,000.
C. $2,648,156.
D. $2,645,966.
16. The first receipt of goods on August 17 would require a:
A. Debit Encumbrances—2021, $8,844.
B. Debit Encumbrances Outstanding—2021, $8,860.
C. Credit Encumbrances—2021, $8,844.
D. Credit Encumbrances Outstanding—2021, $8,860.
Homework Answers
Danville, KY, population 16,735, adopted its general fund budget on July 1 for $2,657,000 for fiscal year 2021. Danville issued purchase orders totaling $11,050 on August 14. Approximately $8,860 of the goods were received on August 17 (receiving report issued), with an invoice of $8,844 received on August 18.
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Danville, KY, population 16,735, adopted its general
fund budget on July 1 for $2,657,000 for fiscal...
Danville, KY, population 16,735, adopted its general fund budget on July 1 for $2,657,000 for fiscal...
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