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Problem 3. The following transactions were made by the City of Morrell: June 2, 2016 -...

Problem 3. The following transactions were made by the City of Morrell:

June 2, 2016 - Purchase orders of $57,000 were approved.

June 17, 2016 - Goods of $32,000 of the purchase orders were received. These items are in good order.    The invoices totaled $29,000 and vouchers were approved for payment.

June 30, 2016 - Make entries for the City of Morell's year-end and the start of the next fiscal year on July 1, 2016.

July 16, 2016 - The remaining items arrived in good order. The invoices totaled $25,000.

Instructions

Make the necessary journal entries to record the transactions in the General Fund.

Business   Accounting   
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Answer #1

Date

Account Title and explanation

Debit

Credit

Jun 2. 2016

Encumbrances

57000

Fund balance - assigned

57000

Jun 17, 2016

Fund balance - assigned

32000

Encumbrances

32000

Expenditure

29000

Vouchers payable

29000

Jun 30,2016

Fund balance - unassigned

25000

Encumbrances

25000

Jul 01, 2016

Encumbrances

25000

Fund balance - unassigned

25000
Jul 16, 2016

Fund balance - unassigned

25000

Encumbrances

25000

Expenditure

25000

Vouchers payable

25000
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