mataerial name:- government and Not-for-profit Accounting. The question:- The Board of Commissioners of the City of ALQUDS adopted its budget for the year ending Dec,31,2018, which indicated revenues of $12000 and appropriations of $ 8000 , the city has a beginning fund balance 1\1 :$4000 . The city policy to record the budget and encumber the estimated amount of purchase orders issued and contract signed. During the year the city engaged in the following transactions: 1) Total amounts of purchase orders issued $5000 a percentage of 60% of which were accomplished, and billed with 2500; the remainder will be completed in the following year. 2) Other unencumbered expenditures incurred and paid $5000 3) Total revenues collected during the year $10000. Required: Make journal entry/ies to record the adopted budget? Journal entries during year: Make closing entries end of year?
mataerial name:- government and Not-for-profit Accounting. The question:- The Board of Commissioners of the City of ALQUDS adopted its budget for the year ending Dec,31,2018, which indicated revenues of $12000 and appropriations of $ 8000 , the city has a beginning fund balance 1\1 :$4000 . The city policy to record the budget and encumber the estimated amount of purchase orders issued and contract signed. During the year the city engaged in the following transactions: 1) Total amounts of purchase orders issued $5000 a percentage of 60% of which were accomplished, and billed with 2500; the remainder will be completed in the following year. 2) Other unencumbered expenditures incurred and paid $5000 3) Total revenues collected during the year $10000. Required: Make journal entry/ies to record the adopted budget? Journal entries during year: Make closing entries end of year?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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mataerial name:- government and Not-for-profit Accounting.
The question:-
The Board of Commissioners of the City of ALQUDS adopted its budget for the year ending Dec,31,2018, which indicated revenues of $12000 and appropriations of $ 8000 , the city has a beginning fund balance 1\1 :$4000 .
The city policy to record the budget and encumber the estimated amount of purchase orders issued and contract signed.
During the year the city engaged in the following transactions:
1) Total amounts of purchase orders issued $5000 a percentage of 60% of which were accomplished, and billed with 2500; the remainder will be completed in the following year.
2) Other unencumbered expenditures incurred and paid $5000
3) Total revenues collected during the year $10000.
Required:
Make journal entry /ies to record the adopted budget?
Journal entries during year:
Make closing entries end of year?
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