The General Fund of Athens Ordered Computer Equipment on December

question 39

Multiple Choice

The general fund of Athens ordered computer equipment on December 1,20X8,for $32,000.The order was appropriately encumbered on this date.Athens received the computer equipment on January 25,20X9,and issued a voucher to pay the vendor $32,400.Athens uses the calendar year for reporting,and all outstanding encumbrances lapse at year-end.Athens' governing board honors all outstanding encumbrances by including them in the following year's appropriations.On January 25,20X9,the general fund of Athens should debit:

• A)Encumbrances for $32,000.
• B)Fund Balance-assigned for Encumbrances for $32,400.
• C)Expenditures-20X8 for $32,400.
• D)Expenditures for $32,400.

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Definitions:

After Trade

After trade refers to the state of an economy, market, or trading partners following the completion of trade transactions, often highlighting changes in economic indicators or balances.

Production

The process of creating goods and services using inputs such as labor, capital, and raw materials.

Consumption

The use of goods and services by households, contributing to their wellbeing and the overall economy.

MRS

Marginal Rate of Substitution, the rate at which a consumer is ready to exchange quantities of one good for another good while maintaining the same level of utility.