Based on the following transactions prepare the correct journal entry in proper form. On the next page, prepare a reconciliation worksheet. Don't forget the last step (make sure all the figures balance). A. The budget was formally adopted. Estimated revenues are $10,000 and appropriations are estimated to be S5,000 B. Salaries of $1,100 are paid in cash. C. Purchase orders were issued in the amount of S600. D. One-third of the purchase orders from "C" were received. The actual amount due was $190. The remaining purchase orders will be received at a later date. E. The remaining purchase orders from "C" were received. The actual amount due is $450. prepare Appropriations - Expenditures - Encumbrances Ledger
Based on the following transactions prepare the correct journal entry in proper form. On the next page, prepare a reconciliation worksheet. Don't forget the last step (make sure all the figures balance). A. The budget was formally adopted. Estimated revenues are $10,000 and appropriations are estimated to be S5,000 B. Salaries of $1,100 are paid in cash. C. Purchase orders were issued in the amount of S600. D. One-third of the purchase orders from "C" were received. The actual amount due was $190. The remaining purchase orders will be received at a later date. E. The remaining purchase orders from "C" were received. The actual amount due is $450. prepare Appropriations - Expenditures - Encumbrances Ledger
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
I need the answer as soon as possible
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps with 3 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education