Ee 132. Complete this question by entering your answers in the tabs below.Req a1Req b1Prepare the general journal entries to record the receipt of the goods ordered at the actual cost shown and the relatedpayable. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)Req a2NoAReq b2Event1.General JournalEncumbrances OutstandingEncumbrancesDebit1,739,813Credit1,739,813 During the month of July, the Town of Lynton recorded the following information related to purchases:Amount ofPurchaseOrderActual Cost$ 553,000 $ 493,000738,200723,013957,845466,48057,27057,320$2,306,315$1,739,813General governmentPublic safetyPublic worksCulture and recreationTotal purchase orders and invoicesAt the end of the month, several purchase orders remained outstanding for all functions except Culture and Recreation. Public Worksin particular had a large amount of purchase orders outstanding because it had put in an order for delivery of paving materials to bedelivered over the months of July and August. For all but Culture and Recreation, consider the amounts for purchase orders receivedthe same as the actual cost of the items.Requireda. (1) Prepare the general journal entry to record the issuance of the purchase orders.(2) Show entries in subsidiary ledger accounts.b. (1) Prepare the general journal entries to record the receipt of the goods ordered at the actual cost shown and the related payable.(2) Show entries for the subsidiary ledger accounts.

It has been assumed to solve only Requirement B.2 The question states to consider all purchase…

Prepare the general journal entries to record the receipt of the goods ordered at the actual cost shown and the related payable. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) No A Event 1. General Journal Encumbrances Outstanding Encumbrances Debit 1,739,813 Credit 1,739,813

Prepare the general journal entries to record the receipt of the goods ordered at the actual cost shown and the related payable. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) No A Event 1. General Journal Encumbrances Outstanding Encumbrances Debit 1,739,813 Credit 1,739,813

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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