The general fund of Park City acquired computer equipment at a cost of $50,000 on May 18,20X9.To record acquisition of this equipment,the general fund of Park City should debit:
A)expenditures.
B)encumbrances.
C)equipment.
D)vouchers payable.

Question

Quizplus · Accepted Answer

In governmental accounting, when a general fund acquires a capital asset like computer equipment, the expenditure is recorded by debiting the expenditures account, reflecting the outflow of resources.

The General Fund of Park City Acquired Computer Equipment at a Cost