please help me Carryover EncumbrancesThe December 31, 2019 balance sheet for the general fund of the City of Melville showed an assigned fund balance of $2,500,000 for outstanding encumbrances. This figure represented $2,100,000 encumbered foroffice equipment and $400,000 for supplies. Early in 2020, the equipment and supplies were delivered and bills received for $2,095,000 and $402,000, respectively.RequiredPrepare the journal entries for 2020 relating to these events, using thea. Legal budgetary basis.DescriptionDebitCreditExpenditures-prior year encumbrancesAccounts payable395,000 x60,000 xTo record invoices for goods and services ordered in 2019.Fund balance-assigned2,500,000 vFund balance-unassigned2,100,000 xExpenditures-prior year encumbrances2.100.000 xTo close encumbrances carried over from 2019 and related expenditures.b. GAAP budgetary basis.DescriptionDebitCreditEncumbrances2,500,000 vFund balance-unassigned2,500.000 vTo restore encumbrances carried over from 2019.Fund balance-assigned2,500,000 vEncumbrances2,500,000vTo reverse encumbrances for goods and services received.0 xExpendituresAccounts payableTo record invoices for goods and services.

Journal entry is the entries which have to be recorded in the books of the company on the general…

trepare the journal entries for 2020 relating to these events, using the a. Legal budgetary basis. Description Expenditures-prior year encumbrances Debit 395,000 x Credit Accounts payable 60,000 x To record invoices for goods and services ordered in 2019. Fund balance-assigned 2,500,000 v Fund balance-unassigned 2,100,000 x Expenditures-prior year encumbrances 2.100,000 x To close encumbrances carried over from 2019 and related expenditures. b. GAAP budgetary basis.

trepare the journal entries for 2020 relating to these events, using the a. Legal budgetary basis. Description Expenditures-prior year encumbrances Debit 395,000 x Credit Accounts payable 60,000 x To record invoices for goods and services ordered in 2019. Fund balance-assigned 2,500,000 v Fund balance-unassigned 2,100,000 x Expenditures-prior year encumbrances 2.100,000 x To close encumbrances carried over from 2019 and related expenditures. b. GAAP budgetary basis.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter10: Property, Plant And Equipment: Acquisition And Subsequent Investments

Section: Chapter Questions

Problem 9P

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