The county purchased road maintenance equipment at an actual cost of $40,000,which was vouchered. Which entry...
The county purchased road maintenance equipment at an actual cost of $40,000,which was vouchered. Which entry would be correct?
1. (DB) Vouchers Payable 40,000
2. (CR) Expenditures 40,000
3. (CR) Cash 40,000
4. General capital assets accounts would be increased by 40,000
Homework Answers
1 is wrong since vouchers payable will be credited as a liability.
2 is wrong since this is capital expenditure and not an expense
3 is incorrect since cash is not paid
4 is the right option. The asset account will increase by the cost of the equipment.
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