To what extent do the unique features of government accounting make a difference on the financial statements?
The transactions that follow relate to the Danville County Comptroller's Department over a two-year period.
Year 1
Year 2
Year 1
Provision for employee education and training a/c dr. $12000
To, profit and loss a/c . $12000
(veing provision for expenses hs been booked)
employee education and traning a/c dr . $10000
To, prov. For employee education and traning a/c . $10000
(being expenses incurred for employee training)
Profit and loss a/c dr. $2000
To, prov for employe education and traning a/c $2000
( bwing unused privision reversed at year end)
Year 2
Provision for employee education and training a/c dr $13500
To, profit and loss a/c. $13500
(being provision fir benefit of employee hs been booked)
Employee education and training a/c dr $1700
To provision for employee education and training a/c $1700
(being expenses booked fir the books)
Employee education and training a/c dr $10800
To, provision for employee education and training a/c $ 10800
(being exp booked for thexl conference)
Profit and loss a/c dr $1000
To, provision for employee education and tranning a/c 1000
To what extent do the unique features of government accounting make a difference on the financial...
Using the following information prepare all appropriate journal entries for years 1 and 2. You are only required to create entries within the subaccount of “Education and training” you do not have to make any entries for corresponding accounts in other funds. County regulations require all appropriations lapse at year end. Year 1: County appropriated 12K for training. Consulting contracts worth 10K were signed Consultants completed all work and billed 10K, which was paid. Training materials of 1.8K were ordered...
only answer the second one. Pirate County, which uses the encumbrance accounting system and the calendar year, began operations in 2019. All appropriations lapse at year-end. Using good form, prepare the necessary journal entries to record the following transactions in the Capital Projects Fund. Record these transactions in 2020 a) In 2020, the county issues purchase orders for materials needed to construct a road totaling S480,000. b) In 2020, the county receives (and pays for) $430,000 of nie needed materials....
Different types of funds justify different practices as to budgets and commitments. Review the budget note to the Smith City's financial statements presented in the previous problem. Assume that the city engaged in the following transactions in 2020 and 2021: In 2020, it signed a service contract with a private security company. The company agreed to provide security services to the city's for one year at a cost of $72,000 ($6,000 per month.) By year end the company provided, and...
The Department of Parks and Gardens provides you with the following list of balances an transactions relating to the year 2019 12,000 45,200 20,000 5,000 Cash and cash equivalent (1/1/2019) Advances and loans (1/1/2019) Investment in securities (1/1/2019) Utility accrued (1/1/2019) Summary of transactions durring the year: Loan granted to staff Loan recovered from staff Advances recovered Investment income received Warrant received for compensation for employees Warrant received for goods and services Warrants recieved for non-financial assets Receipt from parks...
I mainly need this last part "preparation of fund financial statements and schedules" thanks! Scenario and General Fund budgetary journal entries The scenario: Croton City maintains four governmental-type funds: a General Fund, a Library Special Revenue Fund, a Capital Projects Fund, and a Debt Service Fund. Croton City started its calendar year 2019 with the following General Fund balances (all numbers are in thousands of dollars) Debits Credits Cash Property taxes receivable Salaries payable Deferred property tax revenues Unassigned fund...
a. Record journal entries for the following transactions for FY 2017. Make any computations to the nearest dollar. Journal entry explanations are not required. Use control accounts for revenues, expenditures and budgetary accounts. It is not necessary to reflect subsidiary ledger entries. (1) Encumbrances of $ 17,000 for purchase orders outstanding at the end of 2016 were re-established. (2) The January 1, 2017, balance in Deferred Inflows – Property Taxes relates to the amount of the 2016 levy that was...
Required a. Record journal entries for the following transactions for FY 2017. Make any computations to the nearest dollar. Journal entry explanations are not required. Use control accounts for revenues, expenditures and budgetary accounts. It is not necessary to reflect subsidiary ledger entries (1) Encumbrances of S 17,000 for purchase orders outstanding at the end of 2016 were re-established. (2) The January 1, 2017, balance in Deferred Inflows Property Taxes relates to the amount of the 2016 levy that was...
Budgeting for an Academic Department at a State University: Can You Believe the Numbers? INTRODUCTION You are the senior accounting faculty member in the business school and your dean, Dean Weller, is asking for help. She is very discouraged after a midyear budget meeting with the Vice President of Finance. The college's Department of Social Work has a large budget deficit, and because of this the VP is inclined towards closing the department entirely or closing its bachelor's program. The...
Sent Need the answers for that whole question paper True or false questions (25) has any effect SECTION TRUE OR FALSE QUESTION (40 Marks) The following questions indicate if it's True or False. Each question carries 2 Marks 1. Accounting Principle is general law or rule followed in the preparation of financial statements 2. Usefulness, objectivity and feasibility are the three basic norms generally found in accounting principles 3. The Cash book record only the cash payments 4. If a...