The board of commissioners of the City of Hartmoore adopts a general fund budget for the year ending June 30, 2024. It includesrevenues of $1,250,000, bond proceeds of $612,500; appropriations of $927,500, and operating transfers out of $525,000.Required:a. If this budget is formally integrated into the accounting records, what journal entry is required at the beginning of the year?b. If this budget is formally integrated into the accounting records, what later entry is required?Complete this question by entering your answers in the tabs below.Required A Required BIf this budget is formally integrated into the accounting records, what journal entry is required at the beginning of the year?Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.View transaction list

Step 1:Part a:ParticularsDebitCreditEstimated Revenues Control$1,250,000 Estimated Other Financing…

Answered: The board of commissioners of the City…

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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The City of Algonquin maintains its books to prepare fund accounting statements and records worksheet adjustments in order to prepare government-wide statements. You are to prepare, in journal form, worksheet adjustments for each of the following situations: Deferred inflows of resources—property taxes of $73,500 at the end of the previous fiscal year were recognized as property tax revenue in the current year's Statement of Revenues, Expenditures, and Changes in Fund Balance. The City levied property taxes for the current fiscal year in the amount of $13,789,400. When making the entries, it was estimated that 2 percent of the taxes would not be collected. At year-end, $309,200 is thought to be uncollectible, $365,000 would likely be collected during the 60-day period after the end of the fiscal year, and $52,800 would be collected after that time. The City had recognized the maximum of property taxes allowable under modified accrual accounting. In addition to the expenditures…
Preparation of appropriations ledger The following transactions and events occurred in Marilyn County during calendar year 2019: 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 2019-1 for shrubbery in the amount of $52,000 and PO 2019-2 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 2019-1; 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…
A county's general fund has $4,000,000 in supplies on hand at the beginning of 2020. It purchases $25,000,000 in supplies and uses supplies costing $26,000,000 during 2020. If the county uses the consumption method to report supplies inventories, what balances appear in the general fund financial statements for 2020? Multiple Choice Expenditures of $26,000,000 and fund balance-nonspendable of $3,000,000 Expenditures of $25,000,000 and fund balance--unassigned of $3,000,000 Expenditures of $25,000,000 and fund balance-nonspendable of $3,000,000 Expenditures of $26,000,000 and fund balance--unassigned of $3,000,000
ces Following are transactions and events of the General Fund of the City of Springfield for the fiscal year ended December 31, 2020. 1. Estimated revenues (legally budgeted) Property taxes Sales taxes Licenses and permits Miscellaneous 2. Appropriations: General government Culture and recreation Health and welfare. 3. Revenues received (cash) Property taxes Sales taxes Licenses and permits General government Culture and recreation Health and welfare. 5. Goods and services received (paid in cash) General government culture and recreation Health and welfare Miscellaneous 4. Encumbrances issued (includes salaries and other recurring items) Estimated $5,275,000 4,630,000 995,000 6. Budget revisions Estimated Revenues Appropriations Increase appropriations: General government $ 140,000 110,000 Culture and recreation. 7. Fund balance on January 1, 2020, was $753,000. There were no outstanding encumbrances at that date. a. Record the transactions using appropriate journal entries, b. Prepare…
The board of commissioners of the City of Hartmoore adopted a General Fund budget for the year ending June 30, 2017, that included revenues of $1,292,500, bond proceeds of $575,000, appropriations of $1,060,000, and operating transfers out of $420,000. a. If this budget is formally integrated into the accounting records, what journal entry is required at the beginning of the year? b. If this budget is formally integrated into the accounting records, what later entry is required?

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