General fund journal entry

Assignment Help Accounting Basics
Reference no: EM13147482

Grand Marais city's fiscal year ends on June 30. Jasper uses encumbrance accounting. On May 6, a purchase order was approved and issued for supplies in the amount of $5,000. Grand Marias received these supplies on June 2, and the $5,000 invoice was approved for payment.

What General Fund journal entry should Grand Marais make on May 6, to record the approved purchase order?

Reference no: EM13147482

Questions Cloud

Compute the temperature assuming no heat is lost : Calculate the final temperature of the solution assuming no heat is lost to the surroundings, the final mixture has a mass of 100.0 g and the solution has a specific heat capacity of 4.18 J °C-1 g-1
Haematopoietic stem cells : Several cell types have been proposed to create niches for Haematopoietic stem cells (HSCs). However, the expression patterns of HSC maintenance factors have not been systematically studied and no such factor has been conditionally deleted from any c..
Evaluate all aspects of an organisation that uses e-commerce : The purpose of this assignment is to enable students to critically evaluate all aspects of an organisation that uses e-Commerce and e-Business and communicate these key issues through a written report based on the questions for case study released..
What percentage of students taking exam will get high scores : Assume for the sake of this question that GRE scores are normally distributed with a mean of 1000 and a standard deviation of 200. What percentage of students taking the exam will get scores of 1400 or higher?
General fund journal entry : What General Fund journal entry should Grand Marais make on May 6, to record the approved purchase order?
What is the freezing point of a solution : What is the freezing point of a solution of 1.17 g of 1-naphthol, C10H8O, dissolved in 2.00 mL of benzene at 20°C? The density of benzene at 20°C is 0.876 g/mL. Kf for benzene is 5.12°C/m, and benzene's normal freezing point is 5.53°C.
Design an audit program for the cycle : Design an audit program for the cycle in no more than 1,050 words. Consider using a checklist or flowchart to outline your process.
Determining order processing overhead : Each month Jaime places 2 raw materials orders for sweaters and 8 for jackets. Using orders placed as a cost driver, how much of the order processing overhead is allocated to jackets?
Probability more students will drop out during first year : What is the probability that more than 585 of this year's entering class of 1807 will drop out during or at the end of their first year?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Income disparity and concept of progressive taxation

Progressive income taxes (the more you earn, the more you pay) are designed in part to reallocate earnings. Does the approach seem fair? Explain your answer.

  Composition of the risky portfolio

Now add a set of indifference curves and illustrate how an investor's optimal portfolio is some combination of the risky portfolio and the risk-free asset. What is the composition of the risky portfolio?

  Define difference between sales journal and accounts

Can you distinguish between accuracy of tests of gross accounts receivable and tests of the realizable value of receivables?

  Government taking account when creating a tax

Which of the following is an example of a consideration the government takes into account when creating a tax?

  Overhead based on direct labor cost

During 2010, Durham Manufacturing expected to cost $300,000 of overhead, $500,000 of materials, and $200,000 in labor. Durham applied overhead based on direct labor cost.

  Affiliation of the audit client

Ajax, Inc. is an affiliate of the audit client and is audited by another firm of auditors. Which of the following is most likely to be used by the auditor of the client to obtain assurance that all guarantees of the affiliate's indebtedness have b..

  Amount of cash payments for income tax

If income tax expense for the current year was $46,000 and income tax payable decreased by $5,200 during the year, what was the amount of cash payments for income tax?

  What is the depreciation expense for 2012

Gardner Corporation purchased a truck at the beginning of 2012 for $90,000. The truck is estimated to have a salvage value of $3,600 and a useful life of 120,000 miles. It was driven 18,000 miles in 2012 and 32,000 miles in 2013. What is the depre..

  Journal entries of bad debt amounts

On December 31, of the current year, a company's unadjusted trial balance revealed the following: Accounts receivable of $185,600; Sales Revenue of $1,280,000; (75% were on credit), and Allowance for Doubtful Accounts of $1,600 (credit balance). P..

  Cost of foregoing cash discount

Syntech is offered credit terms of 2/10, net 40, but decides to forego taking the cash discount and pays on the 45th day. What is Syntech's cost of foregoing the cash discount?

  Economics question on rate of return

Swagelok Enterprises is manufacturer of miniature fittings and valves. Over a 5-year period, the costs associated with one product line were given below:

  Do you think favorable variances should be investigated

Do you think favorable variances should be investigated? Why or why not?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd