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…

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FINANCIAL ACCOUNTING

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Chapter1: Financial Statements And Business Decisions

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Question 1 Not complete Marked out of 7.14 Flag question 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). Cash Property taxes receivable Debits Credits $1,800 800 Salaries payable Deferred property tax revenues Unassigned fund balance Totals $700 300 1,600 $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…
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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Relationship between budgetary fund balance and actual fund balance The Village of Albert’s Alley recorded the following budgetary journal entry at the beginning of fiscal 2022: Estimated revenue 5,000,000 Appropriations 4,950,000 Budgetary fund balance 50,000 At the end of fiscal 2022, what would be the effect on the ending actual fund balance, assuming the following: a. Actual revenues are $3,000 less than estimated revenues, and actual expenditures are $2,000. The actual ending fund balance would increase by?
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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…
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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.…
Preparation of appropriations ledger Prepare an appropriations ledger similar to Table 3-6 to record the transactions and events applicable to the appropriation for Parks department—plants and supplies.The ledger should have columns for appropriation (Cr.), encumbrances (Dr. and Cr.), expenditures (Dr.), and available appropriation (Cr.). The following transactions and events occurred in Marilyn County during calendar year 2022:1. 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 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…
4-24: Transactions and Budgetary Comparison Schedules (LO4-1, LO4-3) The following transactions occurred during the 2020 fiscal year for the City of Evergreen. For budgetary purposes, the city reports encumbrances in the Expenditures section of its budgetary comparison schedule for the General Fund but excludes expenditures chargeable to a prior year’s appropriation. 1. The budget prepared for the fiscal year 2020 was as follows: Estimated Revenues: Taxes $1,943,000 Licenses and permits 372,000 Intergovernmental revenue 397,000 Miscellaneous 62,000 Total estimated revenues 2,774,000 Appropriations: General government 471,000 Public safety 886,000 Publics works 650,000 Health and welfare 600,000 Miscellaneous 86,000 Total appropriations 2,693,000 Budgeted increase in fund balance $81,000 2. Encumbrances issued against the appropriations during the year…
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…

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