Salary payment and accrual Harmon School District’s General Fund accounts for all revenues and expenditures. At the start of school year 2022 (which runs from July 1, 2021 to June 30, 2022) the fund balance is $280,000. The approved budget for 2022 follows. Estimated Revenues Property taxes $3,000,000 Intergovernmental revenues 900,000 Miscellaneous income 50,000 Appropriations Administration $300,000 Instruction 2,600,000 Pensions and other benefits 400,000 Transportation 200,000 Building maintenance 190,000 School supplies 220,000 All other expenditures 70,000 During its fiscal year ended June 30, 2022, Harmon School District paid salaries of $2,160,000, chargeable to the Instruction appropriation. Instruction salaries for the last bi-weekly pay period in June 2022 in the amount of $120,000 will be paid on July 5, 2022. Prepare journal entries to record instruction salary expenditures for fiscal year 2022. Enter 0 or leave the field blank if no entry is required.
Salary payment and accrual Harmon School District’s General Fund accounts for all revenues and expenditures. At the start of school year 2022 (which runs from July 1, 2021 to June 30, 2022) the fund balance is $280,000. The approved budget for 2022 follows. Estimated Revenues Property taxes $3,000,000 Intergovernmental revenues 900,000 Miscellaneous income 50,000 Appropriations Administration $300,000 Instruction 2,600,000 Pensions and other benefits 400,000 Transportation 200,000 Building maintenance 190,000 School supplies 220,000 All other expenditures 70,000 During its fiscal year ended June 30, 2022, Harmon School District paid salaries of $2,160,000, chargeable to the Instruction appropriation. Instruction salaries for the last bi-weekly pay period in June 2022 in the amount of $120,000 will be paid on July 5, 2022. Prepare journal entries to record instruction salary expenditures for fiscal year 2022. Enter 0 or leave the field blank if no entry is required.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Salary payment and accrual
Harmon School District’s General Fund accounts for all revenues and expenditures. At the start of
school year 2022 (which runs from July 1, 2021 to June 30, 2022) the fund balance is $280,000.
The approved budget for 2022 follows.
| Estimated Revenues | |
| Property taxes | $3,000,000 |
| Intergovernmental revenues | 900,000 |
| Miscellaneous income | 50,000 |
| Appropriations | |
| Administration | $300,000 |
| Instruction | 2,600,000 |
| Pensions and other benefits | 400,000 |
| Transportation | 200,000 |
| Building maintenance | 190,000 |
| School supplies | 220,000 |
| All other expenditures | 70,000 |
During its fiscal year ended June 30, 2022, Harmon School District paid salaries of $2,160,000, chargeable
to the Instruction appropriation. Instruction salaries for the last bi-weekly pay period in June 2022 in
the amount of $120,000 will be paid on July 5, 2022.
Prepare
Enter 0 or leave the field blank if no entry is required.
Transcribed Image Text:Account
Debit
Credit
To record salaries paid during the fiscal year.
To record unpaid salaries earned during the fiscal year.
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