What Is the Correct Debit or Credit for the Following

question 69

Multiple Choice

What is the correct debit or credit for the following scenario: A contract was issued for the major part of work to be done by a private contractor in the amount of $1,200,000 for a new County court house?

• A) Debit: Budgetary Fund Balance -- Reserve for Encumbrances.
• B) Debit: Construction expenditures.
• C) Credit: Cash.
• D) Debit: Encumbrances.

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Learning Disabilities

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