KM 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?
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KM 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
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- The board of commissioners of Perry City approved the city budget for the year starting July 1, 2019, which indicated estimated revenue of $1,000,000 and appropriations of $900,000. When the city CLOSES OUT the budget at the end of the fiscal year, the entry would include: O A) a debit to Budgetary Fund Balance - Unassigned in the amount of $100,000. B) a credit to Budgetary Fund Balance – Unassigned in the amount of $100,000. C) a debit to Appropriations in the amount of $900,000. D) a debit to Estimated Revenues in the amount of $1,000,000. E) both A. and C.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,…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 $1,000,000, 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?
- 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?The following transactions occurred during the 2020 fiscal year for the City of Evergreen. For budgetary purposes, the city reports encumbrances in the Expenditures section of its budgetary comparison schedule for the General Fund but excludes expenditures chargeable to a prior year’s appropriation. The budget prepared for the fiscal year 2020 was as follows: Estimated Revenues: Taxes $ 1,957,000 Licenses and permits 374,000 Intergovernmental revenue 399,000 Miscellaneous revenues 64,000 Total estimated revenues 2,794,000 Appropriations: General government 475,200 Public safety 890,200 Public works 654,200 Health and welfare 604,200 Miscellaneous 88,000 Total appropriations 2,711,800 Budgeted increase in fund balance $ 82,200 Encumbrances issued against the appropriations during the year were as follows: General government $ 60,000 Public safety 252,000 Public works 394,000 Health and…During 2019, a county debt service fund receives $5,000,000 from the general fund for budgeted payment of principal and interest on general obligation bonds. The debt service fund makes $4,000,000 in interest and $1,000,000 in principal payments. How is this reported on the debt service fund’s 2019 operating statement? a. Expenditures, $4,000,000; revenues, $5,000,000 b. Expenditures, $4,000,000; other financing sources, $5,000,000 c. Expenditures, $5,000,000; other financing sources, $5,000,000 d. Expenditures, $5,000,000; revenues $5,000,000
- The following transactions relate to the general fund of the city of Lost Angels for the year ending December 31, 2020. Prepare a statement of revenues, expenditures, and other changes in fund balance for the general fund for the period to be included in the fund financial statements. Assume that the fund balance at the beginning of the year was $180,000. Assume also that the city applies the purchases method to supplies. Receipt within 60 days serves as the definition of available resources. Collects property tax revenue of $700,000. A remaining assessment of $100,000 will be collected in the subsequent period. Half of that amount should be received within 30 days, and the remainder approximately five months after the end of the year. Spends $200,000 on three new police cars with 10-year lives. The anticipated price was $207,000 when the cars were ordered. The city calculates all depreciation using the straight-line method with no expected residual value. The city applies the…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. 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?The following transactions relate to the general fund of the city of Lost Angels for the year ending December 31, 2020. Prepare a statement of revenues, expenditures, and other changes in fund balance for the general fund for the period to be included in the fund financial statements. Assume that the fund balance at the beginning of the year was $180,000. Assume also that the city applies the purchases method to supplies. Receipt within 60 days serves as the definition of available resources. Collects property tax revenue of $700,000. A remaining assessment of $100,000 will be collected in the subsequent period. Half of that amount should be received within 30 days, and the remainder approximately five months after the end of the year. Spends $200,000 on three new police cars with 10-year lives. The anticipated price was $207,000 when the cars were ordered. The city calculates all depreciation using the straight-line method with no expected residual value. The city applies the…
- The following transactions relate to the general fund of the city of Lost Angels for the year ending December 31, 2020. Prepare a statement of revenues, expenditures, and other changes in fund balance for the general fund for the period to be included in the fund financial statements. Assume that the fund balance at the beginning of the year was $180,000. Assume also that the city applies the purchases method to supplies. Receipt within 60 days serves as the definition of available resources. Collects property tax revenue of $700,000. A remaining assessment of $100,000 will be collected in the subsequent period. Half of that amount should be received within 30 days, and the remainder approximately five months after the end of the year. Spends $200,000 on three new police cars with 10-year lives. The anticipated price was $207,000 when the cars were ordered. The city calculates all depreciation using the straight-line method with no expected residual value. The city applies the…ces Following are transactions and events of the General Fund of the City of Springfield for the fiscal year ended December 31, 2020. 1. Estimated revenues (legally budgeted) Property taxes Sales taxes Licenses and permits Miscellaneous 2. Appropriations: General government Culture and recreation Health and welfare. 3. Revenues received (cash) Property taxes Sales taxes Licenses and permits General government Culture and recreation Health and welfare. 5. Goods and services received (paid in cash) General government culture and recreation Health and welfare Miscellaneous 4. Encumbrances issued (includes salaries and other recurring items) Estimated $5,275,000 4,630,000 995,000 6. Budget revisions Estimated Revenues Appropriations Increase appropriations: General government $ 140,000 110,000 Culture and recreation. 7. Fund balance on January 1, 2020, was $753,000. There were no outstanding encumbrances at that date. a. Record the transactions using appropriate journal entries, b. Prepare…The following transactions relate to the General Fund of the City of Buffalo Falls for the year ended December 31, 2020: Beginning balances were: Cash, $99,000; Taxes Receivable, $198,500; Accounts Payable, $56,750; and Fund Balance, $240,750. The budget was passed. Estimated revenues amounted to $1,290,000 and appropriations totaled $1,286,200. All expenditures are classified as General Government. Property taxes were levied in the amount of $945,000. All of the taxes are expected to be collected before February 2021. Cash receipts totaled $915,000 for property taxes and $312,500 from other revenue. Contracts were issued for contracted services in the amount of $105,750. Contracted services were performed relating to $94,500 of the contracts with invoices amounting to $91,700. Other expenditures amounted to $990,500. Accounts payable were paid in the amount of $1,132,500. The books were closed. Required:a. Prepare journal entries for the above transactions.b. Prepare a Statement of…