List the GL entries for the following items - list debit/credit (in SGL format -

Question

List the GL entries for the following items - list debit/credit (in SGL format - list all GL accounts, which may or may not include budgetary and/or proprietary) - On January 2, 2015, an agency decides to order office supplies. The agency has made firm orders for specific vendors. There are no advances and no prior commitments. What is the GL entry when the agency signs the order (but has not yet received the supplies) Proprietary - none Budgetary Debit 461000 - Allotment Credit 470000 Obligation Proprietary - none Budgetary Debit 461000 - Allotment Credit 480100 Obligation Proprietary - 610000 101000 Budgetary Debit 461000 - Allotment Credit 480100 Obligation No entry

Explanation / Answer

1. There shall be no entry for the contract made till the time any financial activity like receipt of goods is carried out

2. Option A would the entry

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