A Construction Contract Was Issued for an Addition to the County

question 32

Multiple Choice

A construction contract was issued for an addition to the county jail in the amount of $2,300,000. When the project was approximately half finished, the contractor submitted an invoice for payment of $1,150,000. Which partial entry below is not required to record this transaction?

• A) Credit Contracts Payable $1,150,000.
• B) Debit Expenditures - Capital Outlay $1,150,000.
• C) Credit Encumbrances Control $2,300,000.
• D) Credit Encumbrances Control $1,150,000.

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Definitions:

Canadian Social Policies

Refers to the legislative and administrative frameworks established by Canadian government to address the welfare and social needs of its citizens, including health care, education, employment, and social security.

Poverty

The state of being extremely poor, where individuals or communities lack the financial resources for basic needs such as food, shelter, and healthcare.

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An explanation or description that is approved and sanctioned by a recognized authority.

Poverty

Poverty is a condition where individuals or communities lack the financial resources to meet basic life necessities such as food, shelter, and healthcare.