Harmon School District's General Fund accounts for all revenues and expenditures. At the start of school year 2022 (which runs from July 1, 2021 to June 30, 2022) the fund balance is $280,000. The approved budget for 2022 follows. Estimated Revenues Property taxes $3,000,000 Intergovernmental revenues 900,000 Miscellaneous income 50,000 Appropriations Administration Transportation Building maintenance School supplies All other expenditures $300,000 Instruction 2,600,000 Pensions and other benefits 400,000 200,000 190,000 220,000 70,000 a) Prepare the journal entry to record the approved budget.

Harmon School District's General Fund accounts for all revenues and expenditures. At the start of school year 2022 (which runs from July 1, 2021 to June 30, 2022) the fund balance is $280,000. The approved budget for 2022 follows. Estimated Revenues Property taxes $3,000,000 Intergovernmental revenues 900,000 Miscellaneous income 50,000 Appropriations Administration Transportation Building maintenance School supplies All other expenditures $300,000 Instruction 2,600,000 Pensions and other benefits 400,000 200,000 190,000 220,000 70,000 a) Prepare the journal entry to record the approved budget.

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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The City of Castleton’s General Fund had the following post-closing trial balance at June 30, 2019, the end of its fiscal year: Debits Credits Cash $ 476,000 Taxes Receivable—Delinquent 601,000 Allowance for Uncollectible Delinquent Taxes $ 189,120 Interest and Penalties Receivable 28,080 Allowance for Uncollectible Interest and Penalties 12,960 Inventory of Supplies 17,900 Vouchers Payable 166,500 Due to Federal Government 77,490 Deferred Inflows of Resources—Unavailable Revenues 427,000 Fund Balance—Nonspendable—Inventory of Supplies 17,900 Fund Balance—Unassigned 232,010 $ 1,122,980 $ 1,122,980 Prepare a General Fund balance sheet as of June 30, 2020.
Scenario: The appropriation to the state library system (fiscal year starts July 1) for fiscal 2018 was $15 million. On December 31, 2017, its budget reports showed expenditures of $7.5 million and encumbrances outstanding of $500,000. Quarterly allotments were as follows: Q1: $3.75 million; Q2: $4.5 million; Q3: $3.75 million; and Q4: $3 million. What was the status of system operations at that point? System operations were under plan by $250,000. System operations were under plan by $750,000. System operations were over the plan by $250,000. System operations were consistent with the plan; half the year had elapsed and half the money was spent.
Scenario and General Fund budgetary journal entries The scenario: Croton City maintains four governmental-type funds: a General Fund, a Library Special Revenue Fund, a Capital Projects Fund, and a Debt Service Fund. Croton City started its calendar year 2019 with the following General Fund balances (all numbers are in thousands of dollars). Debits Credits Cash $1,800 Property taxes receivable 800 Salaries payable $700 Deferred property tax revenues 300 Unassigned fund balance - 1,600 Totals $2,600 $2,600 Croton has adopted the following budgetary and accounting policies: Encumbrance accounting is used only for the acquisition of supplies and for the award of contracts for construction and construction-related activities. Open encumbrances lapse at the end of the year, but are considered in developing the next year's budget. Because final income tax returns are not required to be filed until April 15 of the year following the end of a calendar…
KM County approves the operating budget for the General Fund for 2021 (1/1/21 to 12/31/21), providing for $1,000,000 in revenue and $900,000 in expenditures. What is the appropriate journal entry in the General Fund to record the budget given any difference between the approved revenues and expenditures is unassigned?
During 2019, a county debt service fund receives $5,000,000 from the general fund for budgeted payment of principal and interest on general obligation bonds. The debt service fund makes $4,000,000 in interest and $1,000,000 in principal payments. How is this reported on the debt service fund’s 2019 operating statement? a. Expenditures, $4,000,000; revenues, $5,000,000 b. Expenditures, $4,000,000; other financing sources, $5,000,000 c. Expenditures, $5,000,000; other financing sources, $5,000,000 d. Expenditures, $5,000,000; revenues $5,000,000
Preparation of appropriations ledger The following transactions and events occurred in Marilyn County during calendar year 2019: 1. The legislature adopted the following budget: Estimated revenues and other sources: Property taxes $1,740,000 Sales taxes 1,000,000 Use of fund balance 10,000 Total $2,750,000 Appropriations: General government—salaries $ 420,000 General government—supplies 30,000 Parks department—salaries 2,000,000 Parks department—plants and supplies 300,000 Total $2,750,000 2. The Parks department placed PO 2019-1 for shrubbery in the amount of $52,000 and PO 2019-2 for gardening supplies in the amount of $11,000. The orders were charged to the appropriation for Parks department—plants and supplies. 3. The supplier delivered the shrubbery ordered on PO 2019-1; however, the supplier said he could not deliver some of the shrubs because he no longer carried them. The invoice for $49,000 was approved and forwarded to the comptroller’s…
City of Smithville General Fund Operating statement account balances For year 2023 Estimated Revenues Dr(Cr) Revenues Dr(Cr) Balance Dr(Cr) Acct 3020/4020 Estimated Revenues-Property Taxes $1,877,413 $1,877,578 ($165) Acct 3030/4030 Estimated Revenues-Sales Taxes 1,578,000 1,579,203 (1,203) Acct 3040/4040 Estimated Revenues-Interest and Penalties on Taxes 15,000 12,571 2,429 Acct 3050/4050 Estimated Revenues-Licenses and Permits 500,000 497,960 2,040 Acct 3060/4060 Estimated Revenues-Fines and Forfeits 175,000 173,590 1,410 Acct 3070/4070 Estimated Revenues-Intergovernmental Revenue 789,000 789,000 0 Acct 3080/4080 Estimated Revenues-Charges for Services 659,720 661,253 (1,533) Acct 3090/4090 Estimated Revenues-Miscellaneous Revenues 91,300 91,250 50 Encumberances Dr(Cr) Expenditures Dr(Cr) Appropriations Cr(Dr) Available Balance Cr(Dr) Acct 5020 / 6020 / 7020 Appropriations-General…
A county's general fund has $4,000,000 in supplies on hand at the beginning of 2020. It purchases $25,000,000 in supplies and uses supplies costing $26,000,000 during 2020. If the county uses the consumption method to report supplies inventories, what balances appear in the general fund financial statements for 2020? Multiple Choice Expenditures of $26,000,000 and fund balance-nonspendable of $3,000,000 Expenditures of $25,000,000 and fund balance--unassigned of $3,000,000 Expenditures of $25,000,000 and fund balance-nonspendable of $3,000,000 Expenditures of $26,000,000 and fund balance--unassigned of $3,000,000
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