Prepare journal entries to record the following transactions and events that occurred in the village of Kowitt Gorge during the calendar year 2022:1. The village commissioners adopted the following budget: Journal VoucherDebitCredit1Estimated revenues - property taxes1,850,000Estimated revenues - all other revenues300,000Appropriations - all departments other than police1,000,000Appropriations - police - salariesAppropriations - police - supplies600,00080,000Appropriations - police - fringe benefits450,000Budgetary fund balance20,000To record 2022 budget2 Cash2,135,000Revenues - property taxes1,840,000Revenues - all other revenues295,000 vTo record receipt of revenue3 Expenditures - all departments other than police1,000,000Expenditures - police - salaries595,000Expenditures - police - fringe benefits390,000Cash1,985,000To record cash payments4 Appropriations - police - salarles5,000Approprlations - police - supples25,000Budgetary fund balance5,000Appropriations - police - fringe benefitsTo record budget amendment5 Expenditures - police - fringe benefits35,00095,000Cash95,000To record cash payment6 Appropriations - police - supplles50,000Cash50,000 xTo record encumbrance for PO 2022a and 2022b7 Expenditures - police - supplies2,000Cash2,000 xTo encumber an amendment to PO 2022a8 Approprlations - police - supples32,000Cash32,000 xTo reverse encumbrance for PO 2022bExpenditures - police - supplies20,000Vouchers payable20,000To record expenditures for PO 2022bO O> > >> > >> > > >> >>>> >> >> >> >> > Adopted budgetEstimated revenues:Property taxes$1,850,000All other revenues300,000Total revenues$2,150,000Appropriations:All departments other than police $1,000,000Police-salaries600,000Police-fringe benefits450,000Police-supplies80,000Total appropriations$2,130,0002. The village received, in cash, property taxes of $1,840,000 and all other revenues of $295,000.3. The village made cash payments, charging the following appropriations:AccountsAll departments other than police $1,000,000Police-salaries595,000Police-fringe benefits390,0004. The administrator of fringe benefits received an invoice for police employee health insurance in the amount of $95,000, together with a letter from the insurance provider, explaining that the large increase was causedby a change in federal laws. The invoice could not be paid because the Police-fringe benefits appropriation had a balance of only $60,000 (appropriation of $450,000 minus expenditures in item 3 of $390,000. As a result,the village commissioners amended the budget as follows:AdjustmentsIncrease: Appropriation for police-fringe benefits $35,000Decrease: Appropriation for police-salaries5,000Decrease: Appropriation for police - supplies25,000Use of fund balance5,0005. The village paid the invoice for $95,000, referred to in item 4 above, charging the appropriation for police-fringe benefits.6. The police department placed PO 2022a for firearms in the amount of $30,000 and PO 2022b for uniforms in the amount of $20,000, all charged to the appropriation for police-supplies.7. After receiving PO 2022a, the supplier notified the police department that a change in the design of the weapons would increase the cost to $32,000.The department sent the supplier an amended P0, increasing it by $2,000.8. The police department received the uniforms ordered on PO 2022b, together with an invoice for $20,000. The department approved the invoice for payment.

If any PO has been placed by the Police department then it will be first adjusted against the…

Prepare journal entries to record the following transactions and events that occurred in the village of Kowitt Gorge during the calendar year 2022: 1. The village commissioners adopted the following budget:

Prepare journal entries to record the following transactions and events that occurred in the village of Kowitt Gorge during the calendar year 2022: 1. The village commissioners adopted the following 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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