Vouchers in the amount of $325,000 were authorized for payment. This was $8,000 less than the amount originally encumbered for these purchases. (Journal entry completed by instructor--- SEE JOURNAL ENTRY SECTION BELOW) – You are required to explain each line of the journal entry and related financial statement impact.
6. Expenditures 325,000
Vouchers Payable 325,000
Fund Balance - Assigned 333,000
Encumbrances 333,000
Explain each line of the journal entry and related financial statement impact.
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