Prepare entries to record the following events and transactions for Tropical Township for the year 2018. The Township adopted a budget calling for appropriations of $360,000. The estimated revenues (all property taxes) were $350,000. The Township sent property tax bills amounting to $350,000 to property owners. Property owners paid $339,000 of property taxes to the Township. A purchase order of $25,000 was sent to a vendor of supplies. The supplies ordered in transaction d. were received in good order and the accompanying invoice of $24,000 was approved.
Prepare entries to record the following events and transactions for Tropical Township for the year 2018. The Township adopted a budget calling for appropriations of $360,000. The estimated revenues (all property taxes) were $350,000. The Township sent property tax bills amounting to $350,000 to property owners. Property owners paid $339,000 of property taxes to the Township. A purchase order of $25,000 was sent to a vendor of supplies. The supplies ordered in transaction d. were received in good order and the accompanying invoice of $24,000 was approved.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Prepare entries to record the following events and transactions for Tropical Township for the year 2018.
- The Township adopted a budget calling for appropriations of $360,000. The estimated revenues (all property taxes) were $350,000.
- The Township sent property tax bills amounting to $350,000 to property owners.
- Property owners paid $339,000 of property taxes to the Township.
- A purchase order of $25,000 was sent to a vendor of supplies.
- The supplies ordered in transaction d. were received in good order and the accompanying invoice of $24,000 was approved.
Below are the names to use for the entries:
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Appropriations |
Budgetary fund balance |
Cash |
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Property tax receivable |
Revenue – property tax |
Estimated revenue – property tax |
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Encumbrances |
Expenditures – supplies |
Budgetary fund balance reserved for encumbrances (BFBRFE) |
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Vouchers payable |
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Transaction (letter) |
Account |
Debit |
Credit |
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