ACCT GOV.+NFP ENTITIES LOOSELEAF W/CONN.
18th Edition
ISBN: 9781260949766
Author: RECK
Publisher: MCG
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Chapter 3, Problem 16.10EP
To determine
Identify the correct entry that helps in recording the budget for the given situation.
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The City of Portland has the following budget data for one of its Special Revenue Funds for the
upcoming fiscal year:
Estimated Revenues: $7,900,000
Appropriations: $8,900,000
Estimated Other Financing Sources: $1,100,000
The city just approved the budget and these amounts. Prepare the necessary budgetary journal entry
in the General Ledger to record the budget.
Prepare the journal entries necessary for the following transactions.
For each transaction you must identify the fund in which the entries are recorded.
Make the entries only for the Fund-Based Financial Statements for the fiscal year ended 6/30/2021.
1. The board of commissioners of the Cosmo City adopted a General Fund budget for the year ending June 30, 2021, which indicated revenues of $5,100,000, bond proceeds of $620,000, appropriations of $1,900,000 for salaries, $800,000 for advertising, $400,000 for supplies, and $800,000 for utilities, and also operating transfers out of $980,000.
2. Cosmo City collected $22,000 from parking meters.
3. On March 12, 2021, Cosmo City ordered a new computer at an anticipated cost of $414,000. The computer was received on April 16 with an actual cost of $416,200. Payment was subsequently made on May 15, 2021.
4. Property taxes of 1,800,000 are levied for Cosmo City. The city expects that 5% will be uncollectible. Of the levied amount,…
Prepare journal entries in general journal format to record the following transactions for the City of Dallas General Fund (subsidiary detail may be omitted)
1. The budget prepared for the fiscal year included total estimated revenues of $4,693,000, appropriations of $4,686,000 and estimated other financing uses of $225,000.
2. Purchase orders in the amount of $451,000 were mailed to vendors.
3. The current year’s tax levy of $4,005,000 was recorded; uncollectible taxes were estimated to be 2% of the tax levy.
4. Collections of delinquent taxes from prior years’ levies totaled $82,700; collections of the current year’s levy totaled $3,524,900.
5. Invoices were received and approved for payment for items ordered in documents recorded as encumbrances in transaction (#2) of this problem. The estimated liability for the related items was $351,200. Actual invoices were $353,500.
6. Revenue other than taxes collected during the year consisted of licenses and permits, $177,600;…
Chapter 3 Solutions
ACCT GOV.+NFP ENTITIES LOOSELEAF W/CONN.
Ch. 3 - Prob. 1QCh. 3 - Discuss the different ways in which depreciation...Ch. 3 - Prob. 3QCh. 3 - Prob. 4QCh. 3 - Explain the essential differences between revenues...Ch. 3 - Prob. 6QCh. 3 - How do Budgetary Fund Balance and Fund Balances...Ch. 3 - Prob. 8QCh. 3 - Prob. 9QCh. 3 - Prob. 10Q
Ch. 3 - The city manager of University City is finalizing...Ch. 3 - Prob. 16.1EPCh. 3 - Prob. 16.2EPCh. 3 - Which of the following accounts neither increases...Ch. 3 - Prob. 16.4EPCh. 3 - Which of the following statements is true for...Ch. 3 - An internal allocation of funds on a periodic...Ch. 3 - Prob. 16.7EPCh. 3 - Prob. 16.8EPCh. 3 - Before placing a purchase order, a department...Ch. 3 - Prob. 16.10EPCh. 3 - Which of the following is correct concerning the...Ch. 3 - Prob. 16.12EPCh. 3 - Prob. 16.13EPCh. 3 - Prob. 16.14EPCh. 3 - Supplies ordered by the Public Works function of...Ch. 3 - Prob. 17EPCh. 3 - Prob. 18EPCh. 3 - Prob. 19EPCh. 3 - The following information is provided about the...Ch. 3 - On February 15, the Town of Evergreen police...Ch. 3 - The Town of Willingdon adopted the following...Ch. 3 - During July, the first month of the fiscal year,...Ch. 3 - The Town of Bedford Falls approved a General Fund...Ch. 3 - The printout of the Revenues and Appropriations...Ch. 3 - Review the computer-generated budgetary comparison...Ch. 3 - Prob. 27EPCh. 3 - Greenville has provided the following information...
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- The board of commissioners of the City of Hartmoore adopts a general fund budget for the year ending June 30, 2024. It includes revenues 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 B If 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 listarrow_forwardThe 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?arrow_forwardThe budget was passed. Estimated revenues amounted to $1,210,000 and appropriations totaled $1,207,800. All expenditures are classified as General Government. Note: Enter debits before credits. Transaction General Journal Debit Credit 02arrow_forward
- 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. If this budget is formally integrated into the accounting records, what journal entry is required at the beginning of the year? If this budget is formally integrated into the accounting records, what later entry is required?arrow_forwardPark City uses encumbrance accounting and formally integrates its budget into the general fund's accounting records. For the year ending July 31, Year 1, the following budget was adopted: Estimated revenues $30,000,000 Appropriations $27,000,000 Estimated transfer to debt service fund $900,000 Park's budgetary fund balance is a $3,000,000 credit balance $3,000,000 debit balance $2,100,000 credit balance O $2,1000,000 debit balancearrow_forwardThe board of commissioners of the City of Hartmoore adopted a general fund budget for the year ending June 30, 2017, that included revenues of $1,000,000, bond proceeds of $400,000, appropriations of $900,000, and operating transfers out of $300,000. If this budget is formally integrated into the accounting records, what journal entry is required at the beginning of the year? What later entry is required?arrow_forward
- Assume that the City of Pasco maintains its books and records in a manner that facilitates preparation of the fund financial statements. The city engaged in the following transactions related to its general fund during the current fiscal year. The city formally integrates the budget into the accounting records. The city does not maintain an inventory of supplies. All amounts are in thousands. Prepare, in summary form, the appropriate journal entries. (a) The city council approved a budget with revenues estimated to be $800 and expenditures of $785. (b) The city ordered supplies at an estimated cost of $25 and equipment at an estimated cost of $20. (c) The city incurred salaries and other operating expenses during the year totaling $730. The city paid for these items in cash. (d) The city received the supplies at an actual cost of $23. (e) The city collected revenues of $795.arrow_forwardRecord the entry for the annual budget at the beginning of the year. (General Fund) Record the end-of-year removal of budget entry. (General Fund)arrow_forwardKM County approves the operating budget for the General Fund for 2021 (1/1/21 to 12/31/21), providing for $1,000,000 in revenue and $900,000 in expenditures. What is the appropriate journal entry in the General Fund to record the budget given any difference between the approved revenues and expenditures is unassigned?arrow_forward
- Record the entry for the annual budget at the beginning of the year. (General Fund) Record the end of year removal of budget entry. (General Fund)arrow_forwardEdwards City has the following information for its general fund for the upcoming fiscal year. Which of the following would be the appropriate effect to budgetary fund balance when the budget is recorded? Estimated revenue Appropriations Property tax 3,500,000 Salaries 2,690,000 Sales tax 490,000 Capital items 1,320,000 Other 50,000 Other 15,000 None of these Credit budgetary fund balance $30,000 Credit budgetary fund balance $15,000 Debit budgetary fund balance $30,000arrow_forwardIn the recording of a city’s budget, which one of the following accounts is debited? a. Appropriations b. Estimated Revenues c. Estimated Other Financing Uses d. Encumbrancesarrow_forward
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