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

Question

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 purchas 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 Instructions Make the necessary journal entries to record the transactions in the irnrral e orders were received. These items are in good order. items arrived in good order. The invoices totaled $25,000.

Explanation / Answer

Date General Journal Debit Credit June 2, 2016 Encumbrances $57,000 Fund Balance--Reserved for Encumbrances $57,000 June 17, 2016 Fund Balance--Reserved for Encumbrances $32,000 Encumbrances $32,000 Expenditures $29,000 Vouchers Payable $29,000 June 30, 2016 Fund Balance--Unreserved, Undesignated $25,000 Encumbrances $25,000 July 1, 2016 Encumbrances $25,000 Fund Balance--Unreserved, Undesignated $25,000 July 16, 2016 Fund Balance--Reserved for Encumbrances $25,000 Encumbrances $25,000 Expenditures $25,000 Vouchers Payable $25,000

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