Question

What is the entry required when a township orders office supplies expected to cost $ 1000....

What is the entry required when a township orders office supplies expected to cost $ 1000.
(Government and not for profit accounting)
Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Just ordering the office supplies is neither an accounting transaction or an event. Therefore, it is not required to be recorded as a journal entry in the books of accounts. This accounting principal is same both in the case of a profit oriented business organization and Government & non-profit organization.

The journal entry has to be passed only when supplies or invoice of such supplies is received by the entity.

Hence, No journal entry is required for ordering of office supplies expected to cost $ 1000.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
A city orders a new computer for its General Fund at an anticipated cost of $96,300....
A city orders a new computer for its General Fund at an anticipated cost of $96,300. Its actual cost when received is $98,260. Payment is subsequently made. a. Prepare all required journal entries for both fund and government-wide financial statements. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Applying ABC Methods to Customer Profitability Analysis Bountiful Harvest Distribution delivers supplies to small grocers throughout...
Applying ABC Methods to Customer Profitability Analysis Bountiful Harvest Distribution delivers supplies to small grocers throughout the region. Bountiful currently allocates order and delivery service costs based on a percentage of total revenue. Estimated revenue for the year is $5.16 Million. A consultant has analyzed the order and delivery service costs and identified four activities. Data on these activities are: Activity Cost Driver Cost Driver Volume Process order number of orders $50,000 4,000 orders Load truck number of items $100,000...
A city orders a new computer for its General Fund at an anticipated cost of $88,000....
A city orders a new computer for its General Fund at an anticipated cost of $88,000. Its actual cost when received is $89,400. Payment is subsequently made. a. Prepare all required journal entries for both fund and government-wide financial statements. 1. Record the receipt of computers and the accompanying liability – Governmental Activities 2.Record payment made - Governmental Activities 3.Record payment made for computers - General Fund. 4.Record entry to remove encumbrance for computers that has now been received -...
Question: 6. Scholes Systems supplies a particular type of office chair to large retailers such as...
Question: 6. Scholes Systems supplies a particular type of office chair to large retailers such as Target, ... 6. Scholes Systems supplies a particular type of office chair to large retailers such as Target, Costco, and Office Max. Scholes is concerned about the possible effects of inflation on its operations. Presently, the company sells 82,000 units for $70 per unit. The variable production costs are $40, and fixed costs amount to $1,420,000. Production engineers have advised management that they expect...
Expected returns: What the investor expects. Required Return: What the investor requires. Cost of Capital: What...
Expected returns: What the investor expects. Required Return: What the investor requires. Cost of Capital: What firm needs to “pay” investors. In equilibrium, these three should be the same. Why? When (under what conditions) are they equal? Under what conditions are they not equal?
Lou O’Brien manages the janitorial supplies for the Merton-Flemmer office building in downtown Chicago. The six-person...
Lou O’Brien manages the janitorial supplies for the Merton-Flemmer office building in downtown Chicago. The six-person janitorial staff at the building uses approximately 40 five-gallon containers of all-purpose cleanser per month. Each container costs the building $94. The current supplier of the building’s all-purpose cleanser has just informed Lou that it has changed its pricing structure. The supplier will be raising the price of the cleanser to $99 per container but will offer a discounted price of $93 each for...
Before​ entry, the incumbent earns a monopoly profit of ​$20 ​(profits in​ millions). If entry​ occurs,...
Before​ entry, the incumbent earns a monopoly profit of ​$20 ​(profits in​ millions). If entry​ occurs, the incumbent and rival each earn the duopoly​ profit, $6. Suppose that the incumbent can induce the government to require all firms to install​pollution-control devices that cost each firm ​$8. Should the incumbent urge the government to require​ pollution-control devices? Why or why​ not? Assume for simplicity the game tree is illustrated in the figure to the right. All profits are in millions. What...
1 . On September 1, Samardo Office Supply sells office supplies, including calculators. The company uses...
1 . On September 1, Samardo Office Supply sells office supplies, including calculators. The company uses a perpetual inventory system. During September, the following transactions occurred. Sept 6 – Purchased 80 calculators at $21 each from Samuels’s co. on account. Sept. 10 – Purchase return of 3 calculators to Samuels for $63 credit on account because they did not meet specifications. Sept. 12 – Sold 26 calculators to Trent bookstore for a sales price of $31 each, costing $21 each....
An office supply company manufactures and sells X permanent markers per year at a price of...
An office supply company manufactures and sells X permanent markers per year at a price of P €/unit. The Price/Demand equation for the markers is: P = 7 − 0.002X. The total cost of manufacturing is: C(X) = 1000 + 2X. Revenues function = R(x)=7X - 0.002X2. Profit function = P(X) = 5X – 0.002X2 - 1000 Government decides to tax the company in 3€ for each marker produced. 1. Write new cost function 2. Write new profit function 3....
Scholes Systems supplies a particular type of office chair to large retailers such as Target, Costco,...
Scholes Systems supplies a particular type of office chair to large retailers such as Target, Costco, and Office Max. Scholes is concerned about the possible effects of inflation on its operations. Presently, the company sells 90,000 units for $70 per unit. The variable production costs are $35, and fixed costs amount to $1,500,000. Production engineers have advised management that they expect unit labor costs to rise by 20 percent and unit materials costs to rise by 5 percent in the...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT