How does the use of an encumbrance system aid in accounting for governmental entities?
Answer to relevant QuestionsWhy do some transactions require an entry in a fund and another in an account group? What impact would there be if a journal entry were made only in the fund or only in the account group? For the following transactions, prepare the entries that would be recorded in the general fixed assets account group for the city of Evert. a. The city purchased property costing $1,300,000, with three-fourths of the cost ...Prepare entries in the general fund for the following transactions that represent outflows of financial resources to the city of Cedar Creek in 2018: 1. Vouchers are prepared for the following items and amounts: Salaries . . ...The following selected information was taken from Sun Valley City’s general fund statement of revenues, expenditures, and changes in fund balance for the year ended December 31, 2019: Revenues: Property taxes—2019. . . . ...Prepare journal entries to record the following events using the general fund and the general fixed assets account group: a. The general fund vouchered the purchase of trucks for $80,000. The purchase had been encumbered ...
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