Prepare Journal entries in the General Fund of Brownsville School District. a. The district had outstanding encumbrances of $9,200 for band instramentsfrom the previous year. It is the district's policy to re-establish those encumbrances in the sunsequent year. b. The district ordered textbooks at an estimated cost of $57,000. c. The band instraments arrived at an invoice price of $8,800 olus $290 shipping. d. Textbooks originally estimated to cost $49,000 were received with an invoice price of $48,500. The remaining portion of the order is back-ordered. e. A contract was signed with a CPA to provide the annual audit in the amount of $5,200.
Prepare Journal entries in the General Fund of Brownsville School District. a. The district had outstanding encumbrances of $9,200 for band instramentsfrom the previous year. It is the district's policy to re-establish those encumbrances in the sunsequent year. b. The district ordered textbooks at an estimated cost of $57,000. c. The band instraments arrived at an invoice price of $8,800 olus $290 shipping. d. Textbooks originally estimated to cost $49,000 were received with an invoice price of $48,500. The remaining portion of the order is back-ordered. e. A contract was signed with a CPA to provide the annual audit in the amount of $5,200.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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a. The district had outstanding encumbrances of $9,200 for band instramentsfrom the previous year. It is the district's policy to re-establish those encumbrances in the sunsequent year.
b. The district ordered textbooks at an estimated cost of $57,000.
c. The band instraments arrived at an invoice price of $8,800 olus $290 shipping.
d. Textbooks originally estimated to cost $49,000 were received with an invoice price of $48,500. The remaining portion of the order is back-ordered.
e. A contract was signed with a CPA to provide the annual audit in the amount of $5,200.
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