Question :
Prepare journal entries in the General Fund of the Brownville School District.
a. The District had outstanding encumbrances of $13,000 for band instruments from the earlier year. It is the District's policy to reestablish those encumbrances in the following year.
b. The District ordered textbooks at an estimated cost of $87,000.
c. The band instruments arrived at an invoice price of $12,500 plus $225 shipping.
d. Textbooks initially estimated to cost $77,000 were received with an invoice price of $76,900. The residual portion of the order is backordered.
e. A contract was signed with a CPA to give the annual audit in the amount of $11,000.