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 office for payment; the rest of the order ($3,000) was cancelled. 4. The supplier delivered the gardening supplies ordered on PO 2019-2. She sent an invoice for $11,200 because some of the items were of a higher quality than ordered. The Parks department accepted the entire delivery and forwarded the invoice for payment. 5. Based on a mid-year review of economy, the finance director concluded that sales tax revenues would be less than the original estimate. As a result, the legislature amended the budget, reducing the sales tax estimate by $50,000 and the Parks department—plants and supplies appropriation by $35,000. Record the transactions and events applicable to the appropriation for Parks department—plants and supplies in the following appropriations ledger. NOTE: Use a negative sign with your answers if: 1. the amount entered in the Appropriation column is a debit (Dr.) rather than a credit (Cr.); or 2. the amount entered in the Expenditures column is a credit (Cr.) rather than a debit (Dr.). Appropriations Ledger Appropriation: Parks department plants and supplies Appropriation Encumbrances Expenditures Available Item Cr. Dr. Cr. Dr. Appropriation 1 Budget Answer Answer Answer Answer Answer 2 PO 2019-1 Answer Answer Answer Answer Answer PO 2019-2 Answer Answer Answer Answer Answer 3 PO 2019-1 Answer Answer Answer Answer Answer PO 2019-1 Exp Answer Answer Answer Answer Answer 4 PO 2019-2 Answer Answer Answer Answer Answer PO 2019-2 Exp Answer Answer Answer Answer Answer 5 Budget Rev Answer Answer Answer Answer Answe
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 office for payment; the rest of the order ($3,000) was cancelled. 4. The supplier delivered the gardening supplies ordered on PO 2019-2. She sent an invoice for $11,200 because some of the items were of a higher quality than ordered. The Parks department accepted the entire delivery and forwarded the invoice for payment. 5. Based on a mid-year review of economy, the finance director concluded that sales tax revenues would be less than the original estimate. As a result, the legislature amended the budget, reducing the sales tax estimate by $50,000 and the Parks department—plants and supplies appropriation by $35,000. Record the transactions and events applicable to the appropriation for Parks department—plants and supplies in the following appropriations ledger. NOTE: Use a negative sign with your answers if: 1. the amount entered in the Appropriation column is a debit (Dr.) rather than a credit (Cr.); or 2. the amount entered in the Expenditures column is a credit (Cr.) rather than a debit (Dr.). Appropriations Ledger Appropriation: Parks department plants and supplies Appropriation Encumbrances Expenditures Available Item Cr. Dr. Cr. Dr. Appropriation 1 Budget Answer Answer Answer Answer Answer 2 PO 2019-1 Answer Answer Answer Answer Answer PO 2019-2 Answer Answer Answer Answer Answer 3 PO 2019-1 Answer Answer Answer Answer Answer PO 2019-1 Exp Answer Answer Answer Answer Answer 4 PO 2019-2 Answer Answer Answer Answer Answer PO 2019-2 Exp Answer Answer Answer Answer Answer 5 Budget Rev Answer Answer Answer Answer Answe
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
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 office for payment; the rest of the order ($3,000) was cancelled.
4. The supplier delivered the gardening supplies ordered on PO 2019-2. She sent an invoice for $11,200 because some of the items were of a higher quality than ordered. The Parks department accepted the entire delivery and forwarded the invoice for payment.
5. Based on a mid-year review of economy, the finance director concluded that sales tax revenues would be less than the original estimate. As a result, the legislature amended the budget, reducing the sales tax estimate by $50,000 and the Parks department—plants and supplies appropriation by $35,000.
Record the transactions and events applicable to the appropriation for Parks department—plants and supplies in the following appropriations ledger.
NOTE: Use a negative sign with your answers if: 1. the amount entered in the Appropriation column is a debit (Dr.) rather than a credit (Cr.); or 2. the amount entered in the Expenditures column is a credit (Cr.) rather than a debit (Dr.).
Appropriations Ledger Appropriation: Parks department plants and supplies |
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5 Budget Rev | Answer
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