BusinessCourse Return to course Course Content / Module #3 - Chapters 3 & 4 Chapter 3 Homework ||2||3||4 Finish attempt... Question 1 Incorrect Mark 0.00 out of 3.33 Flag question Recording the adopted budget; determining property tax rate Following are (a) a condensed summary of a recent General Fund budget adopted by the village of Croton-on-Hudson, New York, and (b) the total assessed value of taxable properties in the village. Estimated revenues and other sources Real property taxes Non-property taxes and other Total estimated revenues Appropriated previously accumulated fund balance Total estimated revenues and other sources Appropriations Police department All other departments and other Employee benefits Transfer to debt service fund Total appropriations $11,474,943 7126817 18.601.760 425,000 $19,026,760 $3,195,140 8,869,106 4.536.121 2,426,393 $19.026.760 Assessed value of taxable real property Prepare the journal entry to record the budget. $44,615,183 Journal Entry Estimated revenues- non-property taxes, other Appropriations - all other departments, other ✓ Debits 19,026,760 Credits ✓ 0 19,026,760 x 0 о o o 0 To record the budget Compute the property tax rate per $1,000 of taxable assessed value. Note: Round answer to three decimal places. $257.21 Check Incorrect Marks for this submission: 0.00/3.33. Save Answers Chapter 3 Homework Question 5 Not complete Marked out of 3.33 Flag question Budgetary transactions and events Prepare journal entries to record the following transactions and events that occurred in Marilyn County during calendar year 2022: 1. The legislature adopted the following budget: Estimated revenues and other sources Property taxes Sales taxes Use of fund balance Total Appropriations: General government-salaries General government-supplies Parks department-salaries Parks department-plants and supplies Total $1,740,000 1.000.000 10,000 $2,750,000 $420,000 30,000 2.000.000 300,000 $2,750,000 2. The Parks department placed PO 2022-1 for shrubbery in the amount of $52,000 and PO 2022-2 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 2022-1; 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 2022-2. 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. Note: For transaction 2., combine PO amounts to record journal entry. Journal Entry Debit Credit 0 0 0 0 0 0 0 0 0 0 0 0 0 0 To record 2022 adopted budget To record PO's 2022-1 and 2022-2 0 0 0 0 0 0 0 0 To reverse encumbrance for PO 2022-1 To record expenditure for PO 2022-1 To reverse encumbrance for PO 2022-2 To record the expenditure for PO 2022-2 To record budget revision Check >> > > > > > ° 0 0 0 0 о о 0 0 0 0 0 о 0 0 0 0 0 eBook