P4-43. (Encumbrance and expenditure accounting)The city council made an appropriation to the police department of $95,000 for the purchase of suppliesand equipment. The following transactions and events occurred regarding this appropriation. Preparean appropriations ledger like Table 4-2 using columns for Appropriations, Encumbrances (Dr. and Cr.),Expenditures, and Available Appropriations. Then, prepare journal entries to record the transactionsand events. Post the appropriation amount and the jourmal entries to the appropriations ledger. Chargeall expenditures to Supplies and equipment. Make sure your final posting shows the remaining amountavailable for spending.1. The department placed purchase order (PO) 1 for 5 motorcycles, estimated to cost $10,000 each.2. The department placed PO 2 for crime prevention supplies at an estimated cost of $30,000.3. The motorcycles ordered in PO 1 arrived in good condition. The invoice of $50,000 was approvedfor payment.4. PO 3 was placed for radio equipment at an estimated cost of $10,000.5. The supplies ordered in PO 2 arrived, along with an invoice for $32,000. The invoice was approvedfor payment.6. The department obtained a check from the finance director for $250, made out to a local supplier, topurchase a new firearm for $250 on an emergency basis; no purchase order had been placed.

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FINANCIAL ACCOUNTING

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Chapter1: Financial Statements And Business Decisions

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What is the equation budget for each of the following 1- The first transaction means that Safia (the owner) entered a capital of $ 10,000 in cash to start the business. An asset (cash) column is created to record this transaction. The effect of the deal is that the assets and equity will increase by $ 10,000 2- The second transaction states that the goods were purchased on credit from Anees (creditor / supplier). The effect will increase the business assets (stocks) as well as liabilities (creditor) by $ 300 because the company owes the money to Anis. 3- Salaries are work expenses. When the cash repayment is made, the asset (cash) will be reduced and the equity (equity) also becomes lower by $ 3000 due to this cash advance. 4- Borrowing is like a bank loan, as the business needs money in its operations. The effects of this transaction are that the assets (cash) and liabilities column (bank loan) are also increased by $ 2000. 5- The cash column will include when the company purchases $…
5
E-7-4 Central Garage Internal Service Fund. The City of Ashville operates an internal service fund to provide garage space and repairs for all city-owned-and-operated vehicles. The Central Garage Fund was established by a contribution of $300,000 from the General Fund on July 1, 2008, at which time the land and building were acquired. The post-closing trial balance at June 30, 2010, was as follows: Debits Credits Cash $110,000 9,000 90,000 50,000 250,000 Due from Other Funds Inventory of Supplies Land Building Allowance for Depreciation-Building 20,000 Machinery and Equipment Allowance for Depreciation-Machinery and Equipment Vouchers Payable 65,000 12.000 31.000 Net Assets-Invested in Capital Assets 333,000 Net Assets-Unrestricted 178,000 $574,000 $574,000 The following information applies to the fiscal year ended June 30, 2011: 1. Supplies were purchased on account for $92,000; the perpetual inventory method is used. 2. The cost of supplies used during the year ended June 30, 2011,…
The Mosquito Abatement Commission is a newly organized federal agency with three primary programs: coordinating state government abatement functions, conducting research on mosquito abatement, and promoting abatement through public education. The following information is available at the end of the first quarter (December 31, 2020): Apportionments from OMB Allotments-first quarter Salaries paid Accrued salaries payable Supplies ordered and received Supplies used Depreciation Equipment purchases Program revenue: Charges for service Costs by Strategic Goal Coordinate State Government Abatement Programs Total Gross Cost Conduct Research on Mosquito Abatement Total Gross Cost MOSQUITO ABATEMENT COMMISSION Statement of Net Cost For the Quarter Ended December 31, 2020 Promote Abatement Through Public Education Total Gross Cost Government Coordination Research Less: Program Revenues Net Cost Total Entity Total Gross Program Cost Less: Program Revenues Net Cost (Income) from Operations…
Campbell County uses the consumption method to record all inventories and prepayments. The County has a 3/31 fiscal year-end. On April 1, 2015, the county purchased a two-year insurance policy at a total cost of $400,000, paying for the policy out of the general fund. In the fund financial statements, the amount of insurance expenditures for the fiscal year ended 3/31/2016 would be A.) $400,000. B.) $300,000. C.) $200,000. D.) $100,000.
In Organizational Development (OD), each area of OD has its own budget to maintain. Please create a spreadsheet indicating the following purchases for the different OD areas and the remaining balance for each department based on the beginning budget and purchases as indicated. The Center for the Advancement of Teaching and Learning Beginning Budget $60,000 Speaker Books Speaker Gifts $2,000 100 @ $22.50 each $200.00 Leadership Development Beginning Budget $40,000 Retreat Location Rental Retreat Lunch Conference Awards $8,000 $11.00 each for 72 attendees $9,000 $8,800 Creative and Strategic Initiatives Beginning Budget $25,000 Camera Software Digital subscriptions $7,000 $2,000 $550.00
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A Government University has RO 15000 cash on hand in an appropriated fund. The University signs a purchase order for RO 7000 to purchase new projectors and systems deliverable in three months. The purpose of writing encumbrance in the ledger is:
amounts to the nearest dollar.) 4-5 Adjusting Entries for Inventory of Supplies. The Village of Baxter uses the purchases method of accounting for its inventories of supplies in the General Fund. GASB standards, however, require that the consumption method be used for the government-wide financial statements. Because its computer system is very limited, the Village uses a periodic inventory system, adjusting inventory balances based on a physical inventory of supplies at year-end. When supplies are received during the year, the Village records expenditures and expenses in the general journals of the General Fund and governmental activities, respee- tively. The Village's inventory records showed the following information for the fiscal year ending December 31, 2011: Balance of inventory, December 31, 2010 Purchases of inventory during 2011 Balance of inventory, December 31, 2011 $140,000 720,000 155,000 Required a. Provide the required adjusting entries at the end of 2011, assuming that…
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

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