Which of the Following Journal Entries Would You Expect to See

question 1

Multiple Choice

Which of the following journal entries would you expect to see for a federal agency?

• A) Debit to commitments and credit to unappropriated authority.
• B) Debit to commitments and credit to allotments-realized resources.
• C) Debit to commitments and credit to undelivered orders-unpaid.
• D) Debit to commitments and credit to expended appropriations.

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Definitions:

Legal Contracts

Binding agreements between two or more parties that are enforceable by law.

Record Date

The specific date set by a company to determine the shareholders eligible to receive dividends or other distributions.