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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   
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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.

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