The State of Monogahela adopted a budget for its general fund for the year. The...
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Accounting
The State of Monogahela adopted a budget for its general fund for the year. The following amounts are relevant: At the end of the fiscal year, $8.4 million in encumbrances were outstanding, but the appropriation authority expired. To prepare each required journal entry: - Enter the corresponding debit or credit amount in the associated column. - Round all amounts to the nearest whole number. - Not all rows in the table might be needed to complete each journal entry. - If no journal entry is needed, check the "No entry required" box at the top of the table as your response. 2. The merchandise for which the purchase orders were issued is received. 3. The annual budget is closed out at year end. 4. Encumbrances to lapse
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