(Year-end adjusting journal entries) Prepare budgetary and proprietary journal entries to record the following year-end adjustments: 1. An accrual of $60,000 was made for salaries earned the last week of September, to be paid in Octo- ber. Budgetary funds were available for this purpose. 2. The agency's liability for unused vacation leave increased by $40,000 as a result of the year's activi- ties. The budget makes no provision for this expense until vacation leave is actually taken. 3. The agency discovered that a purchase order for $15,000 was inadvertently issued twice for the same thing. Therefore, one of the orders was cancelled. 4. The agency recorded depreciation of $25,000 on its equipment.

(Year-end adjusting journal entries) Prepare budgetary and proprietary journal entries to record the following year-end adjustments: 1. An accrual of $60,000 was made for salaries earned the last week of September, to be paid in Octo- ber. Budgetary funds were available for this purpose. 2. The agency's liability for unused vacation leave increased by $40,000 as a result of the year's activi- ties. The budget makes no provision for this expense until vacation leave is actually taken. 3. The agency discovered that a purchase order for $15,000 was inadvertently issued twice for the same thing. Therefore, one of the orders was cancelled. 4. The agency recorded depreciation of $25,000 on its equipment.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter9: Current Liabilities And Contingent Obligations

Section: Chapter Questions

Problem 3RE: Cee Co.s fiscal year begins April 1. At the beginning of its fiscal year, Cee Co. estimates that...

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Cee Co.s fiscal year begins April 1. At the beginning of its fiscal year, Cee Co. estimates that it will owe 17,400 in property taxes for the year. On June 1, its property taxes are assessed at 17,000, which it pays immediately. Prepare the related journal entries for April 1, May 1, and June 1. Then compute the monthly property tax expense that Cee Co. would record during June through March.
Reviewing payroll records indicates that one-fifth of employee salaries that are due to be paid on the first payday in January, totaling $15,000, are actually for hours worked in December. There was no previous balance in the Salaries Payable account at that time. Based on the information provided, make the December 31 adjusting journal entry to bring the balances to correct.
Year-end adjusting journal entries Prepare budgetary and proprietary journal entries to record the following year-end adjustments: Note: If a journal entry is not required, select No entry as your answers and leave the Debit and Credit answers blank (zero). 2. The agency’s liability for unused vacation leave increased by $40,000 as a result of the year’s activities. The budget makes no provision for this expense until vacation leave is actually taken.
A federal agency receives a separate allotment to finance the salary costs of its program. Theallotment is sufficient to cover salaries earned in the last month of the fiscal year but paid early inthe next fiscal year. The account Allotments—realized resources has a credit balance of $300,000. Theagency maintains budgetary control by means of a vacancy control system. The following eventsand transactions occurred at the agency:1. A disbursement schedule is sent to Treasury requesting salary checks— $275,000.2. Treasury notifies the agency that payment was made.3. The agency accrues salaries of $18,000 at the end of the fiscal year.4. The agency accrues $20,000 for unused vacation leave. Budgetary resources for vacation leaveare provided when leave is actually taken.
The credit balance in ABC Agency's Unexpended Appropriations at the beginning of its current fiscal year was $42,000, and the credit balance in ABC Agency's Cumulative Results of Operations at the beginning of its current fiscal year was $8,000. In its year end closing entries, ABC Agency debited Appropriations Used for $387,000 and credited Appropriations Realized for $406,000. In addition, the net costs of operations for ABC Agency for its current fiscal year were $367,000. What is the total net position for ABC Agency at the end of its current fiscal year?
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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)
Riverside Company completed the following two transactions. The annual accounting period endsDecember 31.a. On December 31, calculated the payroll, which indicates gross earnings for wages ($130,000),payroll deductions for income tax ($13,000), payroll deductions for FICA ($10,000), payrolldeductions for United Way ($2,000), employer contributions for FICA (matching), and stateand federal unemployment taxes ($1,300). Employees were paid in cash, but these paymentsand the corresponding payroll deductions and employer taxes have not yet been recorded.b. Collected rent revenue of $3,600 on December 10 for office space that Riverside rented toanother business. The rent collected was for 30 days from December 11 to January 10 and wascredited in full to Unearned Rent Revenue.Required:1. Give the journal entries to record payroll on December 31.2. Give ( a ) the journal entry for the collection of rent on December 10 and ( b ) the adjusting journal entry on December 31.TIP: Notice that the…