Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. when snowdrop city receives goods at a cost of $9,

When Snowdrop City receives goods at a cost of $9,700 that were encumbered in the...

70.2K

Verified Solution

Question

Accounting

When Snowdrop City receives goods at a cost of $9,700 that were encumbered in the prior year for $10,000, which of the following entries are required (assume that encumbrances lapse at year end)? a. Debit Expenditures $9,700; Credit Accounts payable $9,700; no entry for Encumbrances. b. Debit Expenditures $9,700 and Reserve for encumbrances $10,000; Credit Accounts payable $9,700 and Encumbrances $10,000. c. Debit Expenditures $10,000 and Reserve for encumbrances $10,000; Credit Accounts payable $1

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

300 words, answer the below and be detail on your post Functions of urinary system What are...

Medical Sciences
Q

14) Generate a Tool design checklist for designing an injection mold.

Mechanical Engineering
Q

Explain why glass fiber are very strong in tension and bulk glass generally is not.

Mechanical Engineering
Q

The concept of quality is a basic component of the JIT/pull philosophy. It was part of...

General Management
Q

Points 1 Which of these is NOT a criticism of the political primary Question 10...

Biology
Q

256 Two equal point charges are fixed at x a and x a on the...

Physics
Q

Use graphs to find the set.(-8,0) n[-6.1]Select the correct choice below and, if necessary, fill...

Basic Math
Q

This is a quickbooks question. lies at...

Accounting
Q

The interest paid on Josephine Youngs personal residence for the year 2015 totals $4,800; the...

Accounting
Q

dont copy!! write in your own words Why might a company have...

Accounting
Q

Find the federal corporate income tax on a gross income of $250,000. Deductions are $45,690.

Accounting
Q

B A $24 Sales $41 Net Inc. $3.7 $4.3 $22 Price $18 Share outstanding 8...

Finance