Question

The printout of the Revenues and Appropriations subsidiary ledger accounts for the General Fund of the City of Augusta for the first quarter of the fiscal year appeared as follows:

The printout of the Revenues and Appropriations subsidiary ledger accounts for the General Fund of the City of Augusta for the first quarter of the fiscal year appeared as follows: Revenues Cr(Dr) Balance Dr(Cr) 200,900 751,000 550, 100 Revenues Ledger Est. Revenues Account Ref Account Title Dr(Cr) 3/4020 Taxes-Real Property 101 Budget Authorization 751,000 102 Received in Cash 3/4050 Licenses and Permits 101 Budget Authorization 101,000 102 Received in Cash Intergovernmental 3/4070 Revenue 101 Budget Authorization 51,000 102 Received in Cash 12,600 10,100 101,000 90,900 15,100 51,000 35,900 48,500 103

Answer 1

Answers:

Required A:

Answer:

	Budget Amounts
Estimated Revenues	903,000
Appropriations	863,100

Explanation:
Estimated revenues totaled to $903,000, and appropriations total $863,100 which is the sum of the amounts under Budget Authorization in the Appropriations columns of the respective subsidiary ledgers. That is total of 636,000+126,000+86,000+15,100 = 863,100.

Required B:

Answer:

(1)	Was the budget adjusted during the year?	Yes
(2)	Intergovernmental Revenues	$12,600
	Public Safety	$50,200
(3)	Has Budgetary Fund Balance inceased, decreased or remained the same during the first fiscal quarter?	Decreased

Explanation:

(2). a.Intergovernmental Revenues (entry 103) was adjusted by $12,600 in the Revenues ledger

b. Public Safety (entry 103) was adjusted $50,200 in the Appropriations ledger.

(3). Decreased, because, both the Estimated Revenues and Appropriations were increased; But, the overall impact on the original budget was a $37,600 decrease ($50,200 whch is an increase in Appropriations − $12,600 which is an increase in Estimated Revenues) to Budgetary Fund Balance.

Required C:

Answer:

		Current Balance
(1)	Estimated Revenues	915,600
	Appropriations	913,300
(2)	Revenues	226,100
	Encumbrances	1,700
	Expenditures	201,800

      
Explanation:

(1)
Total of Debit balance in the three Revenues ledger accounts = $915,600

Total of Credit balance in the four main accounts in the Appropriations ledger. = $913,300
(2)
Total of Revenues = $226,100

One Encumbrances balance = $1,700

Expenditures = $201,800.