Required:For each of the summarized transactions for the Village of Sycamore General Fund, prepare the general ledger journal entries.The budget was formally adopted, providing for estimated revenues of $1,076,000 and appropriations of $1,006,000.Revenues were received, all in cash, in the amount of $1,019,000.Purchase orders were issued in the amount of $486,000.Of the $486,000 in (c), purchase orders were filled in the amount of $479,500; the invoice amount was $478,000 (not yet paid).Expenditures for payroll not encumbered amounted to $518,000 (not yet paid).Amounts from (d) and (e) are paid in cash.Note: If no entry is required for a transaction or event, select "No Journal Entry Required" in the first account field.

Let's pass the journal entries of Village of Sycamore General Fund, one by one as follows -

Answered: For each of the summarized transactions…

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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Required:

For each of the summarized transactions for the Village of Sycamore General Fund, prepare the general ledger journal entries.

The budget was formally adopted, providing for estimated revenues of $1,076,000 and appropriations of $1,006,000.
Revenues were received, all in cash, in the amount of $1,019,000.
Purchase orders were issued in the amount of $486,000.
Of the $486,000 in (c), purchase orders were filled in the amount of $479,500; the invoice amount was $478,000 (not yet paid).
Expenditures for payroll not encumbered amounted to $518,000 (not yet paid).
Amounts from (d) and (e) are paid in cash.

Note: If no entry is required for a transaction or event, select "No Journal Entry Required" in the first account field.

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