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  answer-question

Advanced Financial Accounting

ISBN: 9781260165111

12th Edition

Authors: Theodore Christensen, David Cottrell, Cassy Budd

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