Reference no: EM132873749
Assume the FY 2022 budget in Part I is adopted for the town of Choo Choo, AL, and that public education purchases 10,000 face masks for its K-12 school system. The masks are N-95 and have an estimated cost of $2.20 each ($12,200 estimated cost). A purchase order was prepared on July 2, 2021 for this order and was approved by the deputy school superintendent.
Question a. Prepare the July 2, 2021 journal entry in the General Fund to record the issuance of the purchase order for $12,200 (use FY 2022 for encumbrances):
Only half of the order of face masks is received on July 9, 2021, as reflected on the receiving report. The other half of the order was expected to arrive in early August.
Question b. Prepare the July 9, 2021 journal entry in the General Fund to record the portion of the order received:
On July 13, 2021 the invoice for the masks received (on July 9) was received at an actual cost of $6,345.
Question c. Prepare the July 13, 2021 journal entry in the General Fund to record the invoice cost of the order (credit Vouchers Payable):
Assume the public education appropriations for FY 2022 are $3,800,000.
Question d. What would be the available appropriations for public education on July 14, 2022, assuming the mask order that was issued, received, and invoice recorded in a through c above are the only transactions recorded for FY 2022 thus far? Show your calculations (well-labeled):
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