Please hep me with these journal entries in a governmental accounting problem: Invoices of $260,000...
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Accounting
Please hep me with these journal entries in a governmental accounting problem:
Invoices of $260,000 are received, vouchered for payment and paid against encumbrances totaling $265,000
Encumbrances totaling $10,000 are canceled
Encumbrances of $20,000 remain open at year-end. The appropriation lapses but the purchase orders will be honored against the following year's appropriation.
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