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Phoenix city buys and received some inventories on June 12th

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Phoenix city buys and received some inventories on June 12th that it intends to use on August 4th. The city received an invoice from the seller for $45,000. Show the impact of these transactions on the fundamental equation of accounting using modified accrual accounting method for Phoenix City.

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Phoenix city buys and received some inventories on June 12th that it intends to use on August 4th. The city received an invoice from the seller for $45,000. Show the impact of these transactions on the fundamental equation of accounting using modified accrual accounting method for Phoenix City.

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Under this method, the expenditure is recognized when it takes place. The city bought the inventory in June and they intend to use the inventory in August. It can be assumed that the city has possession of the inventory, and ...

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