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Accounting
B D 01 02 03 04 No Journal Entry Required Estimated Revenues Appropriations Budgetary Fund Balance Taxes Receivable Estimated Revenues Cash X > 1,200,000 902,000✔ 1,142,000 1,197,500 2,500 902,000

B D 01 02 03 04 No Journal Entry Required Estimated Revenues Appropriations Budgetary Fund Balance Taxes Receivable Estimated Revenues Cash X > 1,200,000 902,000✔ 1,142,000 1,197,500 2,500 902,000

FINANCIAL ACCOUNTING
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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No A B D E F H I K L Transaction 01 02 03 04 05 6a 6b 07 08 9a 9b 9c Required A No Journal Entry Required Revenues: Property Taxes Other Revenues Estimated Revenues Total Revenues Appropriations Budgetary Fund Balance Taxes Receivable Estimated Revenues Cash Taxes Receivable Estimated Revenues Encumbrances Budgetary Fund Balance-Reserve for Encumbrances Budgetary Fund Balance-Reserve for Encumbrances Encumbrances General Government Expenditures Accounts Payable General Government Expenditures Accounts Payable Accounts Payable Cash Appropriations Budgetary Fund Balance General Journal Estimated Revenues Budgetary Fund Balance-Reserve for Encumbrances Encumbrances Estimated Revenues General Government Expenditures Fund Balance Required B Required C Expenditures: Current: General Government Operations Other Expenditures Total Expenditures Fund Balance, January 1 Fund Balance, December 31 ✓ $ ✓ ›› 000 ** *** * CITY OF BUFFALO FALLS- GENERAL FUND Statement of Revenues, Expenditures, and Changes in Fund Balance For the Year Ended December 31, 2024 $ x x $ ** 050 000 x ✓ ✓ ✓ X ✓ Debit 1,200,000 902,000 1,142,000 90,000✔ 82,000 81,500 X 947,000✔ 1,070,000 1,197,500✔ 8,000✔ 1,174,000 X 902,000 272,000 1,174,000 Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the General Fund. 81,500 X 947,000 X Credit 1,028,500 145,500 230,000 ✓ 375,500 1.197.500✓ 2,500 902,000 870,000 272,000✔ 90,000 82,000 X 81,500 X 947,000✔ 1,070,000 1,200,000 X 8,000✔✓ 1,028,500 x 145.500✓
Transcribed Image Text:No A B D E F H I K L Transaction 01 02 03 04 05 6a 6b 07 08 9a 9b 9c Required A No Journal Entry Required Revenues: Property Taxes Other Revenues Estimated Revenues Total Revenues Appropriations Budgetary Fund Balance Taxes Receivable Estimated Revenues Cash Taxes Receivable Estimated Revenues Encumbrances Budgetary Fund Balance-Reserve for Encumbrances Budgetary Fund Balance-Reserve for Encumbrances Encumbrances General Government Expenditures Accounts Payable General Government Expenditures Accounts Payable Accounts Payable Cash Appropriations Budgetary Fund Balance General Journal Estimated Revenues Budgetary Fund Balance-Reserve for Encumbrances Encumbrances Estimated Revenues General Government Expenditures Fund Balance Required B Required C Expenditures: Current: General Government Operations Other Expenditures Total Expenditures Fund Balance, January 1 Fund Balance, December 31 ✓ $ ✓ ›› 000 ** *** * CITY OF BUFFALO FALLS- GENERAL FUND Statement of Revenues, Expenditures, and Changes in Fund Balance For the Year Ended December 31, 2024 $ x x $ ** 050 000 x ✓ ✓ ✓ X ✓ Debit 1,200,000 902,000 1,142,000 90,000✔ 82,000 81,500 X 947,000✔ 1,070,000 1,197,500✔ 8,000✔ 1,174,000 X 902,000 272,000 1,174,000 Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the General Fund. 81,500 X 947,000 X Credit 1,028,500 145,500 230,000 ✓ 375,500 1.197.500✓ 2,500 902,000 870,000 272,000✔ 90,000 82,000 X 81,500 X 947,000✔ 1,070,000 1,200,000 X 8,000✔✓ 1,028,500 x 145.500✓
The following transactions relate to the General Fund of the City of Buffalo Falls for the year ended December 31, 2024: 1. Beginning balances were: Cash, $95,000; Taxes Receivable, $185,000; Accounts Payable, $50,000; and Fund Balance, $230,000. 2. The budget was passed. Estimated revenues amounted to $1,200,000 and appropriations totaled $1,197,500. All expenditures are classified as General Government. 3. Property taxes were levied in the amount of $902,000. All of the taxes are expected to be collected before February 2025. 4. Cash receipts totaled $870,000 for property taxes and $272,000 from other revenue. 5. Contracts were issued for contracted services in the amount of $90,000. 6. Contracted services were performed relating to $82,000 of the contracts with invoices amounting to $81,500. 7. Other expenditures amounted to $947,000. 8. Accounts payable were paid in the amount of $1,070,000. 9. The books were closed. Required: a. Prepare journal entries for the above transactions. b. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the General Fund.
Transcribed Image Text:The following transactions relate to the General Fund of the City of Buffalo Falls for the year ended December 31, 2024: 1. Beginning balances were: Cash, $95,000; Taxes Receivable, $185,000; Accounts Payable, $50,000; and Fund Balance, $230,000. 2. The budget was passed. Estimated revenues amounted to $1,200,000 and appropriations totaled $1,197,500. All expenditures are classified as General Government. 3. Property taxes were levied in the amount of $902,000. All of the taxes are expected to be collected before February 2025. 4. Cash receipts totaled $870,000 for property taxes and $272,000 from other revenue. 5. Contracts were issued for contracted services in the amount of $90,000. 6. Contracted services were performed relating to $82,000 of the contracts with invoices amounting to $81,500. 7. Other expenditures amounted to $947,000. 8. Accounts payable were paid in the amount of $1,070,000. 9. The books were closed. Required: a. Prepare journal entries for the above transactions. b. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the General Fund.
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