The City of South River budget for the fiscal year ended June 30, 2024, included an appropriation for the fire department in the amount of $8,900,000. During the month of July 2024, the following transactions occurred (in summary): Purchase orders were issued in the amount of $502,000. Of the $502,000 in purchase orders, $480,000 were filled, with invoices amounting to $478,000. Salaries, not encumbered, amounted to $270,000. A budget appropriations reduction in the amount of $50,000 was approved by the city council. Required: Prepare an appropriations, expenditures, and encumbrances ledger for the fire department for the month of July. Note: Credit amounts should be indicated by a minus sign.

The City of South River budget for the fiscal year ended June 30, 2024, included an appropriation for the fire department in the amount of $8,900,000. During the month of July 2024, the following transactions occurred (in summary): Purchase orders were issued in the amount of $502,000. Of the $502,000 in purchase orders, $480,000 were filled, with invoices amounting to $478,000. Salaries, not encumbered, amounted to $270,000. A budget appropriations reduction in the amount of $50,000 was approved by the city council. Required: Prepare an appropriations, expenditures, and encumbrances ledger for the fire department for the month of July. Note: Credit amounts should be indicated by a minus sign.

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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