During the current year, the City of Hickory Hills issued purchase orders to various vendors in the amounts shown for the following functions of the city: General Government$172,200 Public Safety 310,000 Public Works 232,400 Culture and Recreation 189,700 Health and Welfare 176,100 Miscellaneous 25,400 Total$1,105,800 All goods ordered during the year were received at the following actual costs: General Government$167,800 Public Safety 309,700 Public Works 234,800 Culture and Recreation 189,700 Health and Welfare 179,300 Miscellaneous 27,200 Total$1,108,500 Requireda.&b. Prepare journal entries in the General Fund general journal to record the issuance of purchase orders and to record the receipt of and payment for goods during the year. Also show subsidiary detail for the Encumbrances and Expenditures ledgers. (If no

Answered: During the current year, the City of…

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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During the current year, the City of Hickory Hills issued purchase orders to various vendors in the amounts shown for the following functions of the city:


General Government	$	172,200
Public Safety		310,000
Public Works		232,400
Culture and Recreation		189,700
Health and Welfare		176,100
Miscellaneous		25,400
Total	$	1,105,800

All goods ordered during the year were received at the following actual costs:


General Government	$	167,800
Public Safety		309,700
Public Works		234,800
Culture and Recreation		189,700
Health and Welfare		179,300
Miscellaneous		27,200
Total	$	1,108,500

Required

a.&b. Prepare journal entries in the General Fund general journal to record the issuance of purchase orders and to record the receipt of and payment for goods during the year. Also show subsidiary detail for the Encumbrances and Expenditures ledgers. (If no

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Step 1 General Introduction

Journal entries are the foundation of every company's books of accounts as it records financial transactions by debiting one account and crediting the other account. Journal entries are then posted to respective ledgers from where other financial statements are prepared.

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