Author Question: When a business receives a bill from the utility company, no entry should be made until the invoice ... (Read 112 times)

iveyjurea · **on:** Jul 5, 2018

When a business receives a bill from the utility company, no entry should be made until the invoice is paid.
a. True
b. False

Indicate whether the statement is true or false

Question 2

Which of the following budgetary entries would the township of Brussels make upon adoption of its General Fund budget for the year? Assume the following:

Estimated Revenues 10,365,000
Appropriations 10,500,000
Estimated Other Financing

Sources (OFS) 200,000
Estimated Other Financing Uses (OFU) 15,000

Debit Credit
A. Appropriations
Estimated OFU
Budgetary Fund Balance
Estimated Revenues
Estimated OFS 10,500,000
15,000
50,000

10,365,000
200,000
B. Appropriations
Budgetary Fund Balance
Estimated Revenues
Estimated OFS/OFU, net 10,500,000
50,000

10,365,000
185,000
C. Estimated Revenues
Estimated OFS
Appropriations
Estimated OFU
Budgetary Fund Balance 10,365,000
200,000

10,500,000
15,000
50,000
D. Estimated Revenues
Estimated OFS/OFU, net
Appropriations
Excess 10,365,000
185,000

10,500,000
50,000