A governmental entity has formally integrated the budget into its accounting records. At the end...
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Accounting
A governmental entity has formally integrated the budget into its accounting records. At the end of the third quarter the ledger account Expenditures--salaries has a $100,000 debit balance. Which of the following is a true statement?
A) The entity has $100,000 available to spend on salaries
B) The entity has incurred salaries in the amount of $100,000
C) The entity had paid salaries in the amount of $100,000
D) The entity has overspent its budget for salaries by $100,000
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