Oak City issued a purchase order for supplies with an estimated cost of $5,000. When the supplies
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Oak City issued a purchase order for supplies with an estimated cost of $5,000. When the supplies and accompanying invoice were received, the invoice indicated a $4,950 actual price. What amount should Oak City debit (credit) to Budgetary Fund Balance—Assigned for Encumbrances?
a. $5,000
b. $(50)
c. $4,950
d. $50
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Related Book For
Advanced Financial Accounting
ISBN: 9781260165111
12th Edition
Authors: Theodore Christensen, David Cottrell, Cassy Budd
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