A purchase order for $3,000 is recorded in the general fund for the purchase of a new
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A purchase order for $3,000 is recorded in the general fund for the purchase of a new computer. The computer is received at an actual cost of $3,020. Which of the following statements is correct?
a. Machinery is increased in the general fund by $3,020.
b. An encumbrance account is reduced by $3,020.
c. An expenditure is increased by $3,020.
d. An expenditure is recorded for the additional $20.
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The correct answer is c An expenditure is increased by 3020 Explanation A purchase order for 3...View the full answer
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