Assignment 1The following transactions relate to the General Fund ofFujairah for the year ended Dec. 31, 2020:Beginning balances were: Cash, $500,000; Taxes Receivable,$200,000; Accounts Payable, $300,000; and Fund Balance,$400,000.1. The budget was passed. Estimated revenues amounted to$5,000,000 and appropriations totaled $3,500,000. Estimatedother sources $500,000 and other uses also $500,000.CLO 22. Contracts were issued for contracted services in the amount of$2,000,000.3. Contracted services were performed relating to $2,000,000 ofthe contracts with invoices amounting to $1,800,000.4. Taxes were levied in the amount of $2,500,000, of which 20%is expected to be uncollectible.5. Cash receipts of $2,000,000 for taxes and $1,500,000 otherrevenue, and $600,000 other sources.6. Other expenditures amounted to $1,500,000.7. Paid $1,600,000 for accounts payable and $400,000 for otheruses.Required:a. Prepare journal entries for the above transactions.b. Prepare a Statement of Revenues, Expenditures, and Changesfor the General Fund.c. Prepare a Statement of Net Position for the General Fundassuming there are no restricted or assigned net resources andoutstanding encumbrances are committed by contractualobligation.d. Prepare the budgetary account schedule and explain thevariances.

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a. Prepare journal entries for the above transactions. b. Prepare a Statement of Revenues, Expenditures, and Changes for the General Fund. c. Prepare a Statement of Net Position for the General Fund assuming there are no restricted or assigned net resources and outstanding encumbrances are committed by contractual obligation. d. Prepare the budgetary account schedule and explain the variances.

a. Prepare journal entries for the above transactions. b. Prepare a Statement of Revenues, Expenditures, and Changes for the General Fund. c. Prepare a Statement of Net Position for the General Fund assuming there are no restricted or assigned net resources and outstanding encumbrances are committed by contractual obligation. d. Prepare the budgetary account schedule and explain the variances.

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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