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On July 1, 2018, Fred City ordered $1,500 of office supplies. They were to be paid for out of the general fund when received. Required: What entry was required for the governmental fund financial statements?
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On July 1, 2018, Fred City ordered $1,500 of office supplies. They were to be paid for out of the general fund when received. Required: What entry was required for the governmental fund financial statements?

User Dhiraj Ray
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Answer:

Government-Wide Statements no entry is required, because under accrual accounting, no entry is made until a transaction occurs.

Step-by-step explanation:

User Cleber Jorge Amaral
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