not use ai please Question 9 Answer savedMarked out of 2.50Flag questionRecording budgetary revisionsPrepare journal entries to record the following revisions to the adopted budgets.1. The City Commission of the City of Sarasota amended the budget for the fiscal year 2022 by providing an appropriation for$64,100 to examine its methodology for making traffic studies. To finance the appropriation, the Commission designated "Use offund balance." (Assume the appropriation was made to the Transportation Department.)2. A town council, after receiving complaints from citizens about the poor condition of the streets, amended the town's budget. Itincreased the Streets and Bridges appropriation by $336,000 and reduced the Public Safety appropriation by a like amount.Journal entry 1.AccountTo record budget revision.DebitCreditOO0000Journal entry 2.AccountDebitCredit0000To record budget revision.< PreviousSave AnswersNext

Part 2: ExplanationStep 1: Determine the Budget Revisions- Journal Entry 1: The City Commission is…

Answered: Question 9 Answer saved Marked out of…

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter8: Budgeting

Section: Chapter Questions

Problem 3TIF

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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…
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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…
Please answer Question 10 [Para. 4-a-10].
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Budget & Fund Balance: The Wayne City Council approved and adopted its budget for 2020. The budget contained the following amounts: Estimated revenues $ 800,000 Appropriations $ 700,000 Estimated other financing uses-interfund transfers out $ 60,000 During the year 2020, the following transactions and events occurred that affected the general fund. Property tax revenue $ 675,000 Interfund transfer out to the debt service fund $ 45,000 Interfund transfer in received by general fund $ 60,000 Expenditures $ 430,000 Encumbrances, balance at 2020 year-end $ 120,000 Required: Complete #1-3 below. 1) Prepare the entry to close the budget.…
Problem 5. A summary of the general fund transactions for the city of Wautoma for the year ended December 31, 2016, is as follows: A. A budget was approved, showing estimated revenues of $900,000, appropriations $875,000, transfers in of $27,000 from other funds, and required transfers of $20,000 to other funds. B. The outstanding encumbrance at the end of 2015 was $25,000. Amounts encumbered in the prior period are included in appropriations for 2016. C. Property taxes for $650,000 were levied. In past years, 1% of the property taxes levied proved uncollectible. D. Encumbrances for $25,000 had not been liquidated by the end of 2015 (see B). Invoices for all these items were received in 2016 and totaled $24,000. E. Collections from property taxes totaled $644,000, of which $20,000 represented collections on delinquent taxes. Delinquent taxes of $8,000 remain uncollected, on which a $3,000 allowance is carried. Remaining taxes Receivable - current and taxes receivable - delinquent were…
E 20-10 Preparation of a fund statement of revenues, expenditures, and changes in fund balance The trial balance of the general fund of Madelyn City before closing at December 31, 2013, contained the following accounts and balances: Fund balance—unassigned $25,000 Estimated revenues 100,000 Appropriations 95,000 Encumbrances 4,000 Reserve for encumbrances 4,000 Reserve for encumbrances—prior year 5,000 Revenues 101,000 Expenditures 94,000 Expenditures—prior year 4,800 Nonreciprocal transfers out 18,000 Reciprocal transfers in 27,000 Required Prepare a statement of revenues, expenditures, and changes in (total) fund balance for Madelyn City’s general fund in 2013. (Details of revenue and expenditure accounts are omitted to simplify the requirement.)
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3 The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2024, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund. Debits Credits Accounts payable $ 108,000 Accounts receivable $ 27,400 Accrued interest payable 30,600 Accumulated depreciation 49,000 Administrative and selling expenses 51,000 Allowance for uncollectible accounts 13,000 Capital assets 714,000 Cash 96,800 Charges for sales and services 561,000 Cost of sales and services 500,000 Depreciation expense 49,000 Due from General Fund 17,300 Interest expense 40,500 Interest revenue 5,300 Transfer in from General Fund 117,600 Bank note payable 630,400 Supplies inventory 18,900 Totals $ 1,514,900 $ 1,514,900 Required: Prepare the reconciliation of operating income to net cash provided by operating activities that would appear at…
3 The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2024, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund. Debits Credits Accounts payable $ 108,000 Accounts receivable $ 27,400 Accrued interest payable 30,600 Accumulated depreciation 49,000 Administrative and selling expenses 51,000 Allowance for uncollectible accounts 13,000 Capital assets 714,000 Cash 96,800 Charges for sales and services 561,000 Cost of sales and services 500,000 Depreciation expense 49,000 Due from General Fund 17,300 Interest expense 40,500 Interest revenue 5,300 Transfer in from General Fund 117,600 Bank note payable 630,400 Supplies inventory 18,900 Totals $ 1,514,900 $ 1,514,900 Required: Prepare the reconciliation of operating income to net cash provided by operating activities that would appear at the…

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