17. durbin county provided the following partial list of activities related to its general administrative…

17. durbin county provided the following partial list of activities related to its general administrative operations: - budget approved at the beginning of the fiscal period, july 1. appropriations 2,000,000, estimated revenues 2,500,000, estimated other financing sources 100,000. - on october 1, the county ordered three vehicles to be used by the county administration. estimated cost $114,000. - throughout the fiscal period, additional purchase - orders were approved and entered totaling $80,000. - durbin county received the three vehicles ordered on october 1. the invoice totaled $122,000. - at the end of the fiscal period, open encumbrances totaled $76,000. open encumbrances are allowed to be filled in the next fiscal period. what would be the result of recording the receipt of the three vehicles in the general fund? o a. debit to expenditures for $114,000 o b. debit to expenditures for $122,000 o c. debit to a vehicle asset account for $122,000 o d. debit to a vehicle asset account for $114,000

17. durbin county provided the following partial list of activities related to its general administrative operations: - budget approved at the beginning of the fiscal period, july 1. appropriations 2,000,000, estimated revenues 2,500,000, estimated other financing sources 100,000. - on october 1, the county ordered three vehicles to be used by the county administration. estimated cost $114,000. - throughout the fiscal period, additional purchase - orders were approved and entered totaling $80,000. - durbin county received the three vehicles ordered on october 1. the invoice totaled $122,000. - at the end of the fiscal period, open encumbrances totaled $76,000. open encumbrances are allowed to be filled in the next fiscal period. what would be the result of recording the receipt of the three vehicles in the general fund? o a. debit to expenditures for $114,000 o b. debit to expenditures for $122,000 o c. debit to a vehicle asset account for $122,000 o d. debit to a vehicle asset account for $114,000

Answer

Explanation:

Step1: Identify the key - event

The county received three vehicles with an invoice total of $122,000.

Step2: Determine accounting entry in General Fund

In the General Fund, when goods are received, expenditures are debited for the amount of the invoice.

Answer:

B. Debit to Expenditures for $122,000