Govermental & Nonprofit Entities 17th edition Ch 5 5-a-3: A $335 purchase order

Question

Govermental & Nonprofit Entities 17th edition Ch 5

5-a-3: A $335 purchase order for adversemets soliticiting bids for the Elm Project was issue during April 2017. The bill for adversiting int he amount of $330 was received and a voucher for payment was issued.

Record the encumbrance, billing, and voucher payment liability int he Street Improvement found and govermental activities journals, as appropriate.

Govermental & Nonprofit Entities 17th edition Ch 5 5-a-3: A $335 purchase order for adversemets soliticiting bids for the Elm Project was issue during April 2017. The bill for adversiting int he amount of $330 was received and a voucher for payment was issued. Record the encumbrance, billing, and voucher payment liability int he Street Improvement found and govermental activities journals, as appropriate.

Explanation / Answer

Journal entr for this transaction will be as follows

Account titles and explanations Debit Credit Cash $330 Account recievable $5 Sales revenue $335

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