Note: This is a Kaplan CPA Review Question
Elm City issued a purchase order for supplies with an estimated cost of $5,000. When the supplies were received, the accompanying invoice indicated an actual price of $4,950. What amount should Elm debit (credit) to the budgetary fund balance account after the supplies and invoice were received?
A) $4,950
B) ($50)
C) $50
D) $5,000

Question

Quizplus · Accepted Answer

The Answer of Note: This is a Kaplan CPA Review Question
Elm City issued a purchase order for supplies with an estimated cost of $5,000. When the supplies were received, the accompanying invoice indicated an actual price of $4,950. What amount should Elm debit (credit) to the budgetary fund balance account after the supplies and invoice were received?
A) $4,950
B) ($50)
C) $50
D) $5,000

Note: This Is a Kaplan CPA Review Question