Question

On August 10, 2012, the school district in exercise E4- 2 issued a purchase order for school supplies in the amount of $ 50,000. On August 20 the school supplies arrived, together with an invoice for $ 51,000. The invoice was approved for payment because the purchase order allowed for price increases up to 5 percent. The invoice was paid on August 30. Prepare the entries necessary to record the encumbrance, approval for payment of the invoice, and payment of the invoice.
In exercise E4- 2
Estimated Revenues
Property taxes............ $ 3,600,000
Investment income.......... 100,000
Miscellaneous income......... 50,000
Appropriations
Administration........... $ 300,000
Instruction............. 2,400,000
Pensions, other benefits....... 350,000
Transportation ........... 200,000
Building maintenance ....... 150,000
School supplies ............ 180,000
Debt service........... 160,000
All other expenditures ........ 70,000



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  • CreatedDecember 30, 2014
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