General fund is the primary fund maintained by the companies for recording all inflows and outflows except which are associated with the special purpose funds. It is mostly the difference between assets and liabilities of the company’s fund. Journal entry is a record for each and every transaction of the business in the books of accounting. It contains correct date, particulars and amount of transaction. The journal entry for recoding acquisition of three-year policy.

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Answer 1

Question

Chapter 17, Problem 17.7E

a.

To determine

Introduction: General fund is the primary fund maintained by the companies for recording all inflows and outflows except which are associated with the special purpose funds. It is mostly the difference between assets and liabilities of the company’s fund.Journal entry is a record for each and every transaction of the business in the books of accounting. It contains correct date, particulars and amount of transaction.

The journal entry for recoding acquisition of three-year policy.

a.

Expert Solution

Explanation of Solution

The journal entry for recording the three-year policy acquired is as follows:

Date	Particulars	Amount ($)	Amount ($)

September 1, 20X1	Expenditures	5400
	To vouchers payable account		5400
	(Being three-year insurance policy acquired)

b.

To determine

Introduction: General fund is the primary fund maintained by the companies for recording all inflows and outflows except which are associated with the special purpose funds. It is mostly the difference between assets and liabilities of the company’s fund.Journal entry is a record for each and every transaction of the business in the books of accounting. It contains correct date, particulars and amount of transaction

The journal entry for recoding the furniture ordered and delivered.

b.

Expert Solution

Explanation of Solution

The journal entry for recording the furniture ordered and delivered is as follows:

Date	Particulars	Amount ($)	Amount ($)

September 17, 20X1	Encumbrances	15600
	To Budgetary fund balance- reserved for encumbrances		15600
	(Being furniture ordered for city council meeting room)

October 1,20X6	Budgetary fund balance- reserved for encumbrances	15600
	To encumbrances		15600
	(Being furniture delivered and entry is reversed)
October 1,20X6	Expenditures	15200
	To vouchers payable		15200
	(Being recording the furniture received at actual cost)

c.

To determine

Introduction: General fund is the primary fund maintained by the companies for recording all inflows and outflows except which are associated with the special purpose funds. It is mostly the difference between assets and liabilities of the company’s fund.Journal entry is a record for each and every transaction of the business in the books of accounting. It contains correct date, particulars and amount of transaction

The journal entry for recoding the supplies acquired and its closing entry.

c.

Expert Solution

Explanation of Solution

The journal entry for recording the supplies acquired and its closing entry.is as follows:

Date	Particulars	Amount ($)	Amount ($)

November 4, 20X1	Expenditures	1800
	To vouchers payable		1800
	(Being supplies acquired)

December 31,20X1	Inventories	1120
	To expenditure		1120
	(being recording the inventories at the end of the year)

December 31,20X1	Budgetary fund balance-unreserved	1120
	To Budgetary fund balance-reserved for inventory		1120
	(Being entry for creating fund balance for inventory)

December 31,20X1	Budgetary fund balance-unreserved (Note 1)	21280
	To expenditure account		21280
	(Being entry for closing the expenditure account)

Note 1: Calculation of total expenditures

Particulars	Amount ($)
Insurance policy	5400
Furniture	15200
Inventory (supplies)	600
Total expenditure balance	21200

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Problem No. 2 The trial balance of Cleint Lumanao Nacho Supplies on February 10, 2025, before accepting Shila Tajonera as partner is shown as follows: Account Title Debit Credit Ato Cash reening smuo P 100,000 Accounts Receivable 250,000 Allowance for Uncollectible Accounts P 20,000 o Merchandise Inventory Equipment Accumulated Depreciation Accounts Payable Notes Payable 120,000 275,000 55,000 50,000 82,000 538,000 Lumanao, Capital Total P 745,000 P 745,000 Tajonera offered to invest cash to get a capital credit equal to one-half of Lumanao's capital after giving effect to the adjustments below. Lumanao accepted the offer. Valuation of some of the assets and liabilities of Lumanao, as agreed by the partners, are the following: • The merchandise is to be valued at P93,000. The accounts receivable is estimated to be 90% collectible. • The equipment is to be valued at P200,000. The partners also agreed that the name of the partnership will be Nacho Business. Required: 1. In the books of…

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Answer 2

Question

Chapter 17, Problem 17.7E

a.

To determine

Introduction: General fund is the primary fund maintained by the companies for recording all inflows and outflows except which are associated with the special purpose funds. It is mostly the difference between assets and liabilities of the company’s fund.Journal entry is a record for each and every transaction of the business in the books of accounting. It contains correct date, particulars and amount of transaction.

The journal entry for recoding acquisition of three-year policy.

a.

Expert Solution

Explanation of Solution

The journal entry for recording the three-year policy acquired is as follows:

Date	Particulars	Amount ($)	Amount ($)

September 1, 20X1	Expenditures	5400
	To vouchers payable account		5400
	(Being three-year insurance policy acquired)

b.

To determine

Introduction: General fund is the primary fund maintained by the companies for recording all inflows and outflows except which are associated with the special purpose funds. It is mostly the difference between assets and liabilities of the company’s fund.Journal entry is a record for each and every transaction of the business in the books of accounting. It contains correct date, particulars and amount of transaction

The journal entry for recoding the furniture ordered and delivered.

b.

Expert Solution

Explanation of Solution

The journal entry for recording the furniture ordered and delivered is as follows:

Date	Particulars	Amount ($)	Amount ($)

September 17, 20X1	Encumbrances	15600
	To Budgetary fund balance- reserved for encumbrances		15600
	(Being furniture ordered for city council meeting room)

October 1,20X6	Budgetary fund balance- reserved for encumbrances	15600
	To encumbrances		15600
	(Being furniture delivered and entry is reversed)
October 1,20X6	Expenditures	15200
	To vouchers payable		15200
	(Being recording the furniture received at actual cost)

c.

To determine

Introduction: General fund is the primary fund maintained by the companies for recording all inflows and outflows except which are associated with the special purpose funds. It is mostly the difference between assets and liabilities of the company’s fund.Journal entry is a record for each and every transaction of the business in the books of accounting. It contains correct date, particulars and amount of transaction

The journal entry for recoding the supplies acquired and its closing entry.

c.

Expert Solution

Explanation of Solution

The journal entry for recording the supplies acquired and its closing entry.is as follows:

Date	Particulars	Amount ($)	Amount ($)

November 4, 20X1	Expenditures	1800
	To vouchers payable		1800
	(Being supplies acquired)

December 31,20X1	Inventories	1120
	To expenditure		1120
	(being recording the inventories at the end of the year)

December 31,20X1	Budgetary fund balance-unreserved	1120
	To Budgetary fund balance-reserved for inventory		1120
	(Being entry for creating fund balance for inventory)

December 31,20X1	Budgetary fund balance-unreserved (Note 1)	21280
	To expenditure account		21280
	(Being entry for closing the expenditure account)

Note 1: Calculation of total expenditures

Particulars	Amount ($)
Insurance policy	5400
Furniture	15200
Inventory (supplies)	600
Total expenditure balance	21200

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Answer 3

Question

Chapter 17, Problem 17.7E

a.

To determine

Introduction: General fund is the primary fund maintained by the companies for recording all inflows and outflows except which are associated with the special purpose funds. It is mostly the difference between assets and liabilities of the company’s fund.Journal entry is a record for each and every transaction of the business in the books of accounting. It contains correct date, particulars and amount of transaction.

The journal entry for recoding acquisition of three-year policy.

a.

Expert Solution

Explanation of Solution

The journal entry for recording the three-year policy acquired is as follows:

Date	Particulars	Amount ($)	Amount ($)

September 1, 20X1	Expenditures	5400
	To vouchers payable account		5400
	(Being three-year insurance policy acquired)

b.

To determine

Introduction: General fund is the primary fund maintained by the companies for recording all inflows and outflows except which are associated with the special purpose funds. It is mostly the difference between assets and liabilities of the company’s fund.Journal entry is a record for each and every transaction of the business in the books of accounting. It contains correct date, particulars and amount of transaction

The journal entry for recoding the furniture ordered and delivered.

b.

Expert Solution

Explanation of Solution

The journal entry for recording the furniture ordered and delivered is as follows:

Date	Particulars	Amount ($)	Amount ($)

September 17, 20X1	Encumbrances	15600
	To Budgetary fund balance- reserved for encumbrances		15600
	(Being furniture ordered for city council meeting room)

October 1,20X6	Budgetary fund balance- reserved for encumbrances	15600
	To encumbrances		15600
	(Being furniture delivered and entry is reversed)
October 1,20X6	Expenditures	15200
	To vouchers payable		15200
	(Being recording the furniture received at actual cost)

c.

To determine

Introduction: General fund is the primary fund maintained by the companies for recording all inflows and outflows except which are associated with the special purpose funds. It is mostly the difference between assets and liabilities of the company’s fund.Journal entry is a record for each and every transaction of the business in the books of accounting. It contains correct date, particulars and amount of transaction

The journal entry for recoding the supplies acquired and its closing entry.

c.

Expert Solution

Explanation of Solution

The journal entry for recording the supplies acquired and its closing entry.is as follows:

Date	Particulars	Amount ($)	Amount ($)

November 4, 20X1	Expenditures	1800
	To vouchers payable		1800
	(Being supplies acquired)

December 31,20X1	Inventories	1120
	To expenditure		1120
	(being recording the inventories at the end of the year)

December 31,20X1	Budgetary fund balance-unreserved	1120
	To Budgetary fund balance-reserved for inventory		1120
	(Being entry for creating fund balance for inventory)

December 31,20X1	Budgetary fund balance-unreserved (Note 1)	21280
	To expenditure account		21280
	(Being entry for closing the expenditure account)

Note 1: Calculation of total expenditures

Particulars	Amount ($)
Insurance policy	5400
Furniture	15200
Inventory (supplies)	600
Total expenditure balance	21200

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Answer 4

Question

Chapter 17, Problem 17.7E

a.

To determine

Introduction: General fund is the primary fund maintained by the companies for recording all inflows and outflows except which are associated with the special purpose funds. It is mostly the difference between assets and liabilities of the company’s fund.Journal entry is a record for each and every transaction of the business in the books of accounting. It contains correct date, particulars and amount of transaction.

The journal entry for recoding acquisition of three-year policy.

a.

Expert Solution

Explanation of Solution

The journal entry for recording the three-year policy acquired is as follows:

Date	Particulars	Amount ($)	Amount ($)

September 1, 20X1	Expenditures	5400
	To vouchers payable account		5400
	(Being three-year insurance policy acquired)

b.

To determine

Introduction: General fund is the primary fund maintained by the companies for recording all inflows and outflows except which are associated with the special purpose funds. It is mostly the difference between assets and liabilities of the company’s fund.Journal entry is a record for each and every transaction of the business in the books of accounting. It contains correct date, particulars and amount of transaction

The journal entry for recoding the furniture ordered and delivered.

b.

Expert Solution

Explanation of Solution

The journal entry for recording the furniture ordered and delivered is as follows:

Date	Particulars	Amount ($)	Amount ($)

September 17, 20X1	Encumbrances	15600
	To Budgetary fund balance- reserved for encumbrances		15600
	(Being furniture ordered for city council meeting room)

October 1,20X6	Budgetary fund balance- reserved for encumbrances	15600
	To encumbrances		15600
	(Being furniture delivered and entry is reversed)
October 1,20X6	Expenditures	15200
	To vouchers payable		15200
	(Being recording the furniture received at actual cost)

c.

To determine

Introduction: General fund is the primary fund maintained by the companies for recording all inflows and outflows except which are associated with the special purpose funds. It is mostly the difference between assets and liabilities of the company’s fund.Journal entry is a record for each and every transaction of the business in the books of accounting. It contains correct date, particulars and amount of transaction

The journal entry for recoding the supplies acquired and its closing entry.

c.

Expert Solution

Explanation of Solution

The journal entry for recording the supplies acquired and its closing entry.is as follows:

Date	Particulars	Amount ($)	Amount ($)

November 4, 20X1	Expenditures	1800
	To vouchers payable		1800
	(Being supplies acquired)

December 31,20X1	Inventories	1120
	To expenditure		1120
	(being recording the inventories at the end of the year)

December 31,20X1	Budgetary fund balance-unreserved	1120
	To Budgetary fund balance-reserved for inventory		1120
	(Being entry for creating fund balance for inventory)

December 31,20X1	Budgetary fund balance-unreserved (Note 1)	21280
	To expenditure account		21280
	(Being entry for closing the expenditure account)

Note 1: Calculation of total expenditures

Particulars	Amount ($)
Insurance policy	5400
Furniture	15200
Inventory (supplies)	600
Total expenditure balance	21200

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Answer 5

Chapter 17, Problem 17.7E

a.

To determine

Introduction: General fund is the primary fund maintained by the companies for recording all inflows and outflows except which are associated with the special purpose funds. It is mostly the difference between assets and liabilities of the company’s fund.Journal entry is a record for each and every transaction of the business in the books of accounting. It contains correct date, particulars and amount of transaction.

The journal entry for recoding acquisition of three-year policy.

a.

Expert Solution

Explanation of Solution

The journal entry for recording the three-year policy acquired is as follows:

Date	Particulars	Amount ($)	Amount ($)

September 1, 20X1	Expenditures	5400
	To vouchers payable account		5400
	(Being three-year insurance policy acquired)

b.

To determine

Introduction: General fund is the primary fund maintained by the companies for recording all inflows and outflows except which are associated with the special purpose funds. It is mostly the difference between assets and liabilities of the company’s fund.Journal entry is a record for each and every transaction of the business in the books of accounting. It contains correct date, particulars and amount of transaction

The journal entry for recoding the furniture ordered and delivered.

b.

Expert Solution

Explanation of Solution

The journal entry for recording the furniture ordered and delivered is as follows:

Date	Particulars	Amount ($)	Amount ($)

September 17, 20X1	Encumbrances	15600
	To Budgetary fund balance- reserved for encumbrances		15600
	(Being furniture ordered for city council meeting room)

October 1,20X6	Budgetary fund balance- reserved for encumbrances	15600
	To encumbrances		15600
	(Being furniture delivered and entry is reversed)
October 1,20X6	Expenditures	15200
	To vouchers payable		15200
	(Being recording the furniture received at actual cost)

c.

To determine

Introduction: General fund is the primary fund maintained by the companies for recording all inflows and outflows except which are associated with the special purpose funds. It is mostly the difference between assets and liabilities of the company’s fund.Journal entry is a record for each and every transaction of the business in the books of accounting. It contains correct date, particulars and amount of transaction

The journal entry for recoding the supplies acquired and its closing entry.

c.

Expert Solution

Explanation of Solution

The journal entry for recording the supplies acquired and its closing entry.is as follows:

Date	Particulars	Amount ($)	Amount ($)

November 4, 20X1	Expenditures	1800
	To vouchers payable		1800
	(Being supplies acquired)

December 31,20X1	Inventories	1120
	To expenditure		1120
	(being recording the inventories at the end of the year)

December 31,20X1	Budgetary fund balance-unreserved	1120
	To Budgetary fund balance-reserved for inventory		1120
	(Being entry for creating fund balance for inventory)

December 31,20X1	Budgetary fund balance-unreserved (Note 1)	21280
	To expenditure account		21280
	(Being entry for closing the expenditure account)

Note 1: Calculation of total expenditures

Particulars	Amount ($)
Insurance policy	5400
Furniture	15200
Inventory (supplies)	600
Total expenditure balance	21200

Answer 6

Chapter 17, Problem 17.7E

a.

To determine

Introduction: General fund is the primary fund maintained by the companies for recording all inflows and outflows except which are associated with the special purpose funds. It is mostly the difference between assets and liabilities of the company’s fund.Journal entry is a record for each and every transaction of the business in the books of accounting. It contains correct date, particulars and amount of transaction.

The journal entry for recoding acquisition of three-year policy.

a.

Expert Solution

Explanation of Solution

The journal entry for recording the three-year policy acquired is as follows:

Date	Particulars	Amount ($)	Amount ($)

September 1, 20X1	Expenditures	5400
	To vouchers payable account		5400
	(Being three-year insurance policy acquired)

Answer 7

Chapter 17, Problem 17.7E

a.

To determine

Introduction: General fund is the primary fund maintained by the companies for recording all inflows and outflows except which are associated with the special purpose funds. It is mostly the difference between assets and liabilities of the company’s fund.Journal entry is a record for each and every transaction of the business in the books of accounting. It contains correct date, particulars and amount of transaction.

The journal entry for recoding acquisition of three-year policy.

Answer 8

a.

Expert Solution

Explanation of Solution

The journal entry for recording the three-year policy acquired is as follows:

Date	Particulars	Amount ($)	Amount ($)

September 1, 20X1	Expenditures	5400
	To vouchers payable account		5400
	(Being three-year insurance policy acquired)

Answer 9

a.

Expert Solution

Answer 10

a.

Expert Solution

Answer 11

Expert Solution

Answer 12

b.

To determine

Introduction: General fund is the primary fund maintained by the companies for recording all inflows and outflows except which are associated with the special purpose funds. It is mostly the difference between assets and liabilities of the company’s fund.Journal entry is a record for each and every transaction of the business in the books of accounting. It contains correct date, particulars and amount of transaction

The journal entry for recoding the furniture ordered and delivered.

b.

Expert Solution

Explanation of Solution

The journal entry for recording the furniture ordered and delivered is as follows:

Date	Particulars	Amount ($)	Amount ($)

September 17, 20X1	Encumbrances	15600
	To Budgetary fund balance- reserved for encumbrances		15600
	(Being furniture ordered for city council meeting room)

October 1,20X6	Budgetary fund balance- reserved for encumbrances	15600
	To encumbrances		15600
	(Being furniture delivered and entry is reversed)
October 1,20X6	Expenditures	15200
	To vouchers payable		15200
	(Being recording the furniture received at actual cost)

Answer 13

b.

To determine

Introduction: General fund is the primary fund maintained by the companies for recording all inflows and outflows except which are associated with the special purpose funds. It is mostly the difference between assets and liabilities of the company’s fund.Journal entry is a record for each and every transaction of the business in the books of accounting. It contains correct date, particulars and amount of transaction

The journal entry for recoding the furniture ordered and delivered.

Answer 14

b.

Expert Solution

Explanation of Solution

The journal entry for recording the furniture ordered and delivered is as follows:

Date	Particulars	Amount ($)	Amount ($)

September 17, 20X1	Encumbrances	15600
	To Budgetary fund balance- reserved for encumbrances		15600
	(Being furniture ordered for city council meeting room)

October 1,20X6	Budgetary fund balance- reserved for encumbrances	15600
	To encumbrances		15600
	(Being furniture delivered and entry is reversed)
October 1,20X6	Expenditures	15200
	To vouchers payable		15200
	(Being recording the furniture received at actual cost)

Answer 15

b.

Expert Solution

Answer 16

b.

Expert Solution

Answer 17

Expert Solution

Answer 18

c.

To determine

Introduction: General fund is the primary fund maintained by the companies for recording all inflows and outflows except which are associated with the special purpose funds. It is mostly the difference between assets and liabilities of the company’s fund.Journal entry is a record for each and every transaction of the business in the books of accounting. It contains correct date, particulars and amount of transaction

The journal entry for recoding the supplies acquired and its closing entry.

c.

Expert Solution

Explanation of Solution

The journal entry for recording the supplies acquired and its closing entry.is as follows:

Date	Particulars	Amount ($)	Amount ($)

November 4, 20X1	Expenditures	1800
	To vouchers payable		1800
	(Being supplies acquired)

December 31,20X1	Inventories	1120
	To expenditure		1120
	(being recording the inventories at the end of the year)

December 31,20X1	Budgetary fund balance-unreserved	1120
	To Budgetary fund balance-reserved for inventory		1120
	(Being entry for creating fund balance for inventory)

December 31,20X1	Budgetary fund balance-unreserved (Note 1)	21280
	To expenditure account		21280
	(Being entry for closing the expenditure account)

Note 1: Calculation of total expenditures

Particulars	Amount ($)
Insurance policy	5400
Furniture	15200
Inventory (supplies)	600
Total expenditure balance	21200

Answer 19

c.

To determine

Introduction: General fund is the primary fund maintained by the companies for recording all inflows and outflows except which are associated with the special purpose funds. It is mostly the difference between assets and liabilities of the company’s fund.Journal entry is a record for each and every transaction of the business in the books of accounting. It contains correct date, particulars and amount of transaction

The journal entry for recoding the supplies acquired and its closing entry.

Answer 20

c.

Expert Solution

Explanation of Solution

The journal entry for recording the supplies acquired and its closing entry.is as follows:

Date	Particulars	Amount ($)	Amount ($)

November 4, 20X1	Expenditures	1800
	To vouchers payable		1800
	(Being supplies acquired)

December 31,20X1	Inventories	1120
	To expenditure		1120
	(being recording the inventories at the end of the year)

December 31,20X1	Budgetary fund balance-unreserved	1120
	To Budgetary fund balance-reserved for inventory		1120
	(Being entry for creating fund balance for inventory)

December 31,20X1	Budgetary fund balance-unreserved (Note 1)	21280
	To expenditure account		21280
	(Being entry for closing the expenditure account)