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Author Question: Previously purchased materials costing 50,000 were used by a federal agency. The proprietary entry ... (Read 63 times)

yoroshambo

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on: Jul 5, 2018
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.


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kaykay69

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Reply #1 on: Jul 5, 2018
Answer to Question 1

A

Answer to Question 2

Accounts Receivable 3,700
Fees Earned
3,700


yoroshambo

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Reply 2 on: Jul 5, 2018
Gracias!

dawsa925

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Reply 3 on: Yesterday
Excellent

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