Albee Township's Fiscal Year Ends on June 30

question 32

Short Answer

Albee Township's fiscal year ends on June 30.Albee uses encumbrance accounting.On April 5,20X5,an approved $1,000 purchase order was issued for supplies.Albee received these supplies on May 2,20X5,and the $1,000 invoice was approved for payment.What journal entry should Albee make on April 5,20X5,to record the approved purchase order?

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Definitions:

Behavioral Learning

The process of acquiring new behaviors and knowledge through conditioning and observation.

Cognitive Learning

The process of acquiring knowledge and understanding through thought, experience, and the senses.

Brand Loyalty

A favorable attitude toward and consistent purchase of a single brand over time.

Perceived Risk

The potential for loss that consumers believe they are exposing themselves to when making a purchase decision.