An agency of the federal government previously issued a purchase order for materials in the amount of $98,000. Prepare the budgetary journal entry and proprietary journal entries that are necessary when the materials along with an invoice for $98,000 are received and accepted.

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The Answer of An agency of the federal government previously issued a purchase order for materials in the amount of $98,000. Prepare the budgetary journal entry and proprietary journal entries that are necessary when the materials along with an invoice for $98,000 are received and accepted.

An Agency of the Federal Government Previously Issued a Purchase