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Event | Account | Debit | Credit |
1 | Encumbrances | $ 25,000 | |
Budgetary Fund Balance for Encumbrances | $ 25,000 | ||
(to record PO 100) | |||
2 | Encumbrances | $ 30,000 | |
Budgetary Fund Balance for Encumbrances | $ 30,000 | ||
(to record PO 101) | |||
3 | Budgetary Fund Balance for Encumbrances | $ 25,000 | |
Encumbrances | $ 25,000 | ||
(being PO 100 reversed) | |||
3 | Expenditure | $ 27,000 | |
Voucher Payable | $ 27,000 | ||
(being voucher recorded) | |||
4 | Voucher Payable | $ 27,000 | |
Cash | $ 27,000 | ||
(being voucher paid) | |||
5 | Expenditure | $ 500 | |
Cash | $ 500 | ||
(being purchased made in cash-emergency) |
The City of Hutchinson appropriated $80,000 to the Parks Department for the purchase of landscape plants,...
THIS PROBLEM IS ABOUT ACCOUNTING FOR GOVERNMENTAL AND NONPROFIT
ORGANIZATIONS!
The City of Hutchinson appropriated $80,000 to the Parks Department for the purchase of landscape plants, small tools, and small equipment. The following transactions occurred for the department during the current month. CITY OF HUTCHINSON TRANSACTIONS FOR PARKS DEPARTMENT FOR CURRENT MONTH (1) The department issued Purchase Order 100 for landscape plants at an estimated cost of (2) The department issued Purchase Order 101 for the purchase of small tools...
Part V. Appropriations/Eneumbrances/Expenditures The City of Arcadia Police Department gets an annual appropriation from the City for "Weapons and Miscellaneous during 2013. Use encumbrances accounting Prepare General fund journal entries to record the following transactions related to the appropriation received by the Police Department The department received an appropriation allocation of $100.000 (Dr. "Budgetary Fund Balance" to make the entry balance.) b. The department issued a purchase order for $8,000 for new handguns. C. The vendor sent the handguns and...
Part V. Appropriations/Encumbrances/Expenditures The City of Arcadia Police Department gets an annual appropriation from the City for "Weapons and Miscellaneous" during 2013. Use encumbrances accounting. Prepare General fund journal entries to record the following transactions related to the appropriation received by the Police Department: The department received an appropriation allocation of $100,000. (Dr. "Budgetary Fund Balance" to make the entry balance.) a b. The department issued a purchase order for $8,000 for new handguns. C. The vendor sent the handguns...
The Fire Department of a given city received an appropriation in the amount of $12,000,000 for the fiscal year ended June 30, 2020. During the month ended July 31, 2020, the following transactions occurred: (a) purchase orders were issued in the amount of $1,200,000; (b) purchase orders, related to (a) above, were filled in the amount of $1,000,000; the related invoice amount was $985,000; invoices were paid in the amount of $900,000; (c) salaries were accrued and paid in the...
Exercise 17-8 During 2015, the City of Greenfield engaged in the following financial activities: The City Council approved the budget for the general operating fund. The budget shows estimated revenues of $1,944,000 and appropriations for expenditures of $1,891,000. 1. Property tax assessments for 2015 were compiled and statements mailed to property owners. Assessments total $933,000. Past collection experience indicates that approximately 5% of assessed property taxes are delinquent or uncollectible during the year of billing. A low bid of $15,000...
The City of South River budget for the fiscal year ended June 30.2020. Included an appropriation for the police department in the amount of $8.712.000. During the month of July 2020, the following transactions occurred in summary: Purchase orders were issued in the amount of $545.000 Of the $545,000 in purchase orders, $502,000 were filled with involces amounting to $492,000. Salaries, not encumbered, amounted to $308.000. A budget appropriations reduction in the amount of $64.000 was approved by the city...
1. The Village of Peek’s Kill enacted a budget that authorized the Peek’s Kill police department to spend $150,000 for supplies and equipment. Prepare journal entries to record the following transactions relative to that appropriation. Also, calculate the balance available for spending after the transactions occurred. Placed purchase order (PO) A in the amount of $15,000 for police officer uniforms. Placed PO B in the amount of $30,000 for a car for the chief of police. Placed PO C in...
ABC was a medium-sized Hong Kong-based company with two manufacturing plants in China, one in Dongguan and the other in Shanghai with employees of 3,000. The company was manufacturing micro-were ovens in three different product lines including oven-P, oven-Q & oven-R series.While P & Q models were for its domestic customers, R models were designed for its overseas clients. The three product lines were targeting at difference market segments. 40% of their components were nevertheless shared among the three product...
ABC was a medium-sized Hong Kong-based company with two manufacturing plants in China, one in Dongguan and the other in Shanghai with employees of 3,000. The company was manufacturing micro-were ovens in three different product lines including oven-P, oven-Q & oven-R series.While P & Q models were for its domestic customers, R models were designed for its overseas clients. The three product lines were targeting at difference market segments. 40% of their components were nevertheless shared among the three product...
Upscale Inc. is a medium-sized distributor of designer clothing lines. The company headquarters in New York City manages the purchases to cash disbursements (Expenditure cycle) process. You have conducted several interviews with department supervisors who oversee the expenditure cycle processes. The following is a summary of your discussions. Use this narrative to prepare a flowchart to depict the expenditure cycle for Upscale Inc. The process begins in the purchasing department where a purchase requisition is received from a department when...