(1) No encumbrances were outstanding. The follwing pruchase orders wereexecuted: Total Amount Outstanding May 30, 2006 General government 1,000,000 50,000 Policeservices | 200,000 30,000 Fire department services 150,000 10,000 Public works services |200,000 10,000 Fire engines 400,000 Totals 1,950,000 100,000 (2) The following vouchers were approved for payment: General government 1,000,000 Police services 1,000,000 Fire department services 850,000 Public works services 600,000 Fire engines 400,000 Total vouchers approved 3,850,000 Prepare journal entries to record the foregoing transactions and events. Do not prepare closing entries.

(1) No encumbrances were outstanding. The follwing pruchase orders wereexecuted: Total Amount Outstanding May 30, 2006 General government 1,000,000 50,000 Policeservices | 200,000 30,000 Fire department services 150,000 10,000 Public works services |200,000 10,000 Fire engines 400,000 Totals 1,950,000 100,000 (2) The following vouchers were approved for payment: General government 1,000,000 Police services 1,000,000 Fire department services 850,000 Public works services 600,000 Fire engines 400,000 Total vouchers approved 3,850,000 Prepare journal entries to record the foregoing transactions and events. Do not prepare closing entries.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Ee 410.
The City of Castleton’s General Fund had the following post-closing trial balance at June 30, 2019, the end of its fiscal year: Debits Credits Cash $ 476,000 Taxes Receivable—Delinquent 601,000 Allowance for Uncollectible Delinquent Taxes $ 189,120 Interest and Penalties Receivable 28,080 Allowance for Uncollectible Interest and Penalties 12,960 Inventory of Supplies 17,900 Vouchers Payable 166,500 Due to Federal Government 77,490 Deferred Inflows of Resources—Unavailable Revenues 427,000 Fund Balance—Nonspendable—Inventory of Supplies 17,900 Fund Balance—Unassigned 232,010 $ 1,122,980 $ 1,122,980 Prepare a General Fund balance sheet as of June 30, 2020.
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Sohar municipality has given the order for supplies on 10 January 2020 for the cost RO 15,500 and recorded the encumbrance in the general fund account. On 25th January Sohar municipality cancelled the supplies order due to an unavoidable situation and recorded it in the general fund account. Which one of the following will be the effect of the cancellation of a supplies purchase order? a. All of the options b. No change in the unassigned fund balance c. Unassigned fund balance will decrease RO 15,500 d. Unassigned fund balance will increase RO 15,500
Please answer question 12 [Para. 4-a-12]
Please Do not Give image format and solve all parts Thank You
The Federal Bureau of Building Construction (BBC) receives an annual appropriation to perform construction activities. BBC does not use commitment accounting; instead, it obligates funds upon the award of contracts. Prepare budgetary and proprietary journal entries to record the following transactions: BBC received an appropriation of $2,000,000. b. The Office of Management and Budget apportioned $500,000 of the appropriation to the Department of Domestic Construction, which oversees the BBC. The Department allotted the entire $500,000 apportionment to the BBC. d. BBC awarded a building construction contract for $300,000. The contractor completed construction of the building. Because of a change order, however, the total cost of the work was $324,000. BBC accepted the work and recorded the asset and the invoice for $324,000. BBC sent a disbursement schedule to the Treasury requesting payment of the $324,000. g. Treasury notified BBC that payment was made to the contractor for $324,000.…
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Muscat Municipality issued a purchase order for supplies with an estimated cost of RO 6,000. When the supplies were received, the accompanying invoice indicated an actual price of RO 5,950. What amount should debit to Budgetary Fund Balance Reserve for Encumbrances (BFBR) after the supplies and invoice were received? a. RO - 50 b. RO 50 c. None of the options d. RO 6,000
I have completed everything except for the unrestricted amounts. I can't seem to figure those out. Can someone please help? Problem: The following information is available for the preparation of the government-wide financial statements for the City of Southern Springs as of April 30, 2020: Cash and cash equivalents, governmental activities $ 420,000 Cash and cash equivalents, business-type activities 884,000 Receivables, governmental activities 498,000 Receivables, business-type activities 1,471,000 Inventories, business-type activities 576,000 Capital assets, net, governmental activities 14,953,000 Capital assets, net, business-type activities 7,864,000 Accounts payable, governmental activities 719,000 Accounts payable, business-type activities 619,000 General obligation bonds, governmental activities 8,637,000 Revenue bonds, business-type activities 3,554,000 Long-term liability for compensated…
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