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

What is the journal entry required required when a township orders office supplies expected to cost 1000
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Answer #1
Journal Entry
Debit($) Credit($)
Encumbrances 1000
Reserved for encumbrances 1000
(Journal entry for issue of purchase order by township. Encumbrance account contains the funds that are set aside for the purchase order. These funds cannot be used for any other purpose. A credit to the reserve for encumbrance signifies that this portion of the fund balance is kept aside for paying off the liability on purchase order placed. When the supplier issues a bill the reserve account will be debited and the account payable account credited.  
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