ACCT GOV.+NFP ENTITIES LOOSELEAF W/CONN.
18th Edition
ISBN: 9781260949766
Author: RECK
Publisher: MCG
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Chapter 3, Problem 24EP
The Town of Bedford Falls approved a General Fund operating budget for the fiscal year beginning on July 1. The budget provides for estimated revenues of $2,700,000 as follows: property taxes, $1,900,000; licenses and permits, $350,000; fines and forfeits, $250,000; and intergovernmental (state grants), $200,000. The budget approved appropriations of $2,650,000 as follows: General Government, $500,000; Public Safety, $1,600,000; Public Works, $350,000; Culture and Recreation, $150,000; and Miscellaneous, $50,000.
Required
- a. Prepare the
journal entry (or entries), including subsidiary ledger entries, to record the Town of Bedford Falls’s General Fund operating budget on July 1, the beginning of the Town’s fiscal year. - b. Prepare journal entries to record the following transactions that occurred during the month of July.
- 1. Revenues were collected in cash amounting to $31,000 for licenses and permits and $12,000 for fines and forfeits.
- 2. Supplies were ordered by the following functions in early July at the estimated costs shown:
- 3. During July, supplies were received at the actual costs shown below and were paid in cash. General Government, Culture and Recreation, and Miscellaneous received all supplies ordered. Public Safety and Public Works received part of the supplies ordered earlier in the month at estimated costs of $10,700 and $5,900, respectively.
- c. Calculate and show in good form the amount of budgeted but unrealized revenues in total and from each source as of July 31.
- d. Calculate and show in good form the amount of available appropriation in total and for each function as of July 31.
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Students have asked these similar questions
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
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The city just approved the budget and these amounts. Prepare the necessary budgetary journal entry
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Edwards City has the following information for its general fund for the upcoming
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2,690,000
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None of these
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Credit budgetary fund balance $15,000
Debit budgetary fund balance $30,000
The City of Lynnwood was recently incorporated and had the following transactions for the fiscal year ended December 31.
The city council adopted a General Fund budget for the fiscal year. Revenues were estimated at $2,000,000 and appropriations were $1,990,000.
Property taxes in the amount of $1,940,000 were levied. It is estimated that $9,000 of the taxes levied will be uncollectible.
A General Fund transfer of $25,000 in cash and $300,000 in equipment (with accumulated depreciation of $65,000) was made to establish a central duplicating internal service fund.
A citizen of Lynnwood donated marketable securities with a fair value of $800,000. The donated resources are to be maintained in perpetuity with the city using the revenue generated by the donation to finance an after-school program for children, which is sponsored by the culture and recreation function. Revenue earned and received as of December 31 was $40,000.
The city’s utility fund billed the city’s General Fund…
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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