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A $235 purchase order for advertisements soliciting bids for the Elm Street Project was issued March 1, 2020. The bill for advertising in the amount of $230 was received March14, 2020 and a voucher for payment was issued.Required: Record the encumbrance, billing, and the Vouchers Payable liability in the Street Improvement Fund and governmental activities journals, as appropriate.

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Answer:

Purchase order for advertisements soliciting bids for the Elm Street Project was issued March 1, 2020 =  $235

Received bill for advertising = $230

Therefore, the Journal entry is as follows:

Advertising expense A/c    Dr. $230

To cash A/c                                          $230

(To record the encumbrance, billing, and the Vouchers Payable liability)

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