Explain each line of the journal entry

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Reference no: EM132083202

Question: Vouchers in the amount of $325,000 were authorized for payment. This was $8,000 less than the amount originally encumbered for these purchases. (Journal entry completed by instructor--- SEE JOURNAL ENTRY SECTION BELOW) - You are required to explain each line of the journal entry and related financial statement impact.

Expenditures 325,000

Vouchers Payable 325,000

Fund Balance - Assigned 333,000

Encumbrances 333,000

Explain each line of the journal entry and related financial statement impact.

Reference no: EM132083202

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