On November 1, 2013, a federal agency had the following balances in two of its accounts: The
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1. The agency’s inventory control department sent a purchase request to the purchasing department to order materials at an estimated cost of $ 140,000.
2. After soliciting competitive bids, the purchasing department ordered the materials at a cost of $ 150,000.
3. The materials arrived, together with an invoice for $ 150,000. After inspection, the materials were accepted.
4. A disbursement schedule was sent to Treasury requesting payment of the invoice.
5. Treasury notified the agency that the invoice was paid.
6. To prepare its quarterly financial statements, the agency took an inventory and found that $ 35,000 of the materials were still on hand.
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Related Book For
Introduction to Governmental and Not for Profit Accounting
ISBN: 978-0132776011
7th edition
Authors: Martin Ives, Terry K. Patton, Suesan R. Patton
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