Final answer:
The 2024 expenditure for the encumbered goods received by the General Fund would be recorded as $520, the actual invoiced cost of the goods.
Step-by-step explanation:
When the General Fund has an open encumbrance from one fiscal year to another, the commitment made in the previous year to purchase goods or services results in an expenditure once those goods or services are actually received and invoiced in the following year.
In this case, the General Fund had an open encumbrance of $500 carrying over into fiscal year 2024. When the encumbered goods were received in 2024 at an invoiced cost of $520, the actual expenditure recorded would be for the amount of the invoice, which is $520.
This is because the $500 encumbrance from fiscal year 2023 was simply a reservation of funds, and the actual expense is recorded based on the actual invoice received in fiscal year 2024.
Therefore, for the 2024 fiscal year, the expenditure against the General Fund would be $520, the amount of the invoice received for the goods.