Prepare entries to record the following events and transactions for Tropical Township for the year 2018. The Township adopted a budget calling for appropriations of $360,000. The estimated revenues (all property taxes) were $350,000. The Township sent property tax bills amounting to $350,000 to property owners. Property owners paid $339,000 of property taxes to the Township. A purchase order of $25,000 was sent to a vendor of supplies. The supplies ordered in transaction d. were received in good order and the accompanying invoice of $24,000 was approved.

Prepare entries to record the following events and transactions for Tropical Township for the year 2018. The Township adopted a budget calling for appropriations of $360,000. The estimated revenues (all property taxes) were $350,000. The Township sent property tax bills amounting to $350,000 to property owners. Property owners paid $339,000 of property taxes to the Township. A purchase order of $25,000 was sent to a vendor of supplies. The supplies ordered in transaction d. were received in good order and the accompanying invoice of $24,000 was approved.

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter6: Business Expenses

Section: Chapter Questions

Problem 53P

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Appropriations	Budgetary fund balance	Cash
Property tax receivable	Revenue – property tax	Estimated revenue – property tax
Encumbrances	Expenditures – supplies	Budgetary fund balance reserved for encumbrances (BFBRFE)
Vouchers payable

Transaction (letter)	Account	Debit	Credit