Encumbrances and payment Harmon School District's General Fund accounts for all revenues and expenditures. At...
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Encumbrances and payment Harmon School District's General Fund accounts for all revenues and expenditures. At the start of school year 2019 (which runs from July 1, 2018 to June 30, 2019) the fund balance is $280,000. The approved budget for 2019 follows. Estimated Revenues Property taxes $3,000,000 Intergovernmental revenues 900,000 Miscellaneous income 50,000 Appropriations Administration $ 300,000 Instruction 2,600,000 Pensions, other benefits 400,000 Transportation 200,000 Building maintenance 190,000 School supplies 220,000 All other expenditures 70,000 On August 10, 2018, Harmon School District 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 $52,000. 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
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