Question

cipaleu alsters to vel unus a . 3-). For each of the summarized transactions for the village or I transactions for the Village of Sycamore General Fund, prepare the general ledger journal entries. budget was formally adopted, providing for estimated revenues of $1,120,000 and appropriations of $987,000. b. Revenues were received, all in cash, in the amount of $1,105,000. c. Purchase orders were issued in the amount of $479,000. d. Of the $479,000 in (c), purchase orders were filled in the amount of $470,500; the invoice amount was $470,000 (not yet paid). e. Expenditures for payroll not encumbered amounted to $513,000 (not yet paid). f. Amounts from (d) and (e) are paid in cash.

Answer 1

NOTE - No Entry will be recorded for (a) and (c) as the transaction has not taken place in monetary terms
Debit ($) Credits S-No a) JOURNAL ENTRIES Notes/details AccOUNTS Budget was adopted, providing estimates fou revenue & appropria NO ENTRY tions. Revenue received Cash All in cash I Revenue Ale - - 1.1.05000 1,105,000 Purchase onders were No ENTRY issued It will be recorded when products are shipped or received) Purchase order purchases ALC 479500 filled I Accounts PayableAl 47000 47000 Discount releireda 500 Expenditures incurred not yet paid Salaries ALC 513,000 Accomod/outhtanding salany al - T 513 000 I Amount from (d) 2e paid - Accounts payable al 470000 Accewed Salangah 513,000 CashALL 98 300 3,07150 3,07,50
. In (a) budget and appropriations are estimated not actual or accrued and, In (c) Purchase order has been issued, it is not recorded until goods ordered are either shipped or received by the buyer.

Answer 2

First one is estimated revenue control- 1120000 in debit the only credit appropriation- 987000 and budgetary fund balance 133000