Previously purchased materials costing 50,000 were used by a ...

[yoroshambo]

Previously purchased materials costing 50,000 were used by a federal agency. The proprietary entry to record this transaction would be
 
   Debit Credit
 
  A. Operating/Program Expenses  Materials
   Inventory for Agency Operations 50,000
  50,000
  B. Operating/Program Expenses  Materials
   Appropriations Used 50,000
  50,000
  C. Appropriation Realized
   Inventory for Agency Operations 50,000
  50,000
  D. Inventory for Agency Operations
   Accounts Payable 50,000
  50,000

Question 2

At the end of the current year, 3,700 fees have been earned but have not been billed to clients. Journalize the adjusting entry to record the accrued fees.

[kaykay69]

Answer to Question 1

A

Answer to Question 2

Accounts Receivable 3,700
Fees Earned
3,700

[yoroshambo]

Thanks for the timely response, appreciate it

[Mochi]

Wow, this really help