A city had placed a purchase order for $25,000 for street maintenance supplies; the order allowed...
A city had placed a purchase order for $25,000 for street maintenance supplies; the order allowed for price increases up to 5 percent of the order. The vendor shipped the supplies and billed the city for a total of $26,000. The city inspected the shipment and approved the invoice for $26,000. What budgetary journal entry should the city make when the supplies are received?
Select one:
A. Debit Budgetary fund balance reserved for encumbrances and credit Encumbrances for $25,000.
B. Debit Budgetary fund balance reserved for encumbrances for $26,000 and credit Encumbrances for $26,000.
C. Debit Budgetary fund balance reserved for encumbrances for $26,000, credit Encumbrances for $25,000, and credit Budgetary fund balance for $1,000.
D. Debit Budgetary fund balance reserved for encumbrances for $25,000, debit Expenditures for $1,000, and credit Encumbrances for $26,000.
Homework Answers
The entry would be
| Account | Debit | Credit |
| Budgetary fund balance reserved for encumbrances | $25,000 | |
| Encumbrances | $25,000 |
Option A is the answer
Add Answer to:
A city had placed a purchase order for $25,000 for street
maintenance supplies; the order allowed...
Part V. Appropriations/Eneumbrances/Expenditures The City of Arcadia Police Department gets an annual appropriation from the City...
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...
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...
1. The total of all departmental operating budgets along with estimated capital outlays by department and...
1. The total of all departmental operating budgets along with estimated capital outlays by department and estimates of expenditures that will affect all departments (such as pension benefits and claims and judgments) are added together to provide the basis for the budget that is submitted to the legislature. Select one: True False 2. Most governments also prepare a cash forecast to help them determine when they will need to borrow money or when they may be able to invest in...
The following transactions occurred during the 2020 fiscal year for the City of Evergreen. For budgetary...
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 $ 1,943,000 Licenses and permits 372,000 Intergovernmental revenue 397,000 Miscellaneous revenues 62,000 Total estimated revenues 2,774,000 Appropriations: General government 471,000 Public safety 886,000...
The City of Morganville had the following pre-closing account balances in its General Fund as of April 30, 2017. Debits...
The City of Morganville had the following pre-closing account balances in its General Fund as of April 30, 2017. Debits and credits are not separated; each account had its “normal” balance. Among the expenditures recorded this year is an amount expended on supplies ordered at the end of the previous year. Assume that encumbrances do not lapse and that the City failed to make the journal entry(s) necessary to re-establish the encumbrance in the current year. Required: Prepare all...
Listed below (in alphabetical order) are the general ledger and budgetary accounts for the City of...
Listed below (in alphabetical order) are the general ledger and budgetary accounts for the City of Walland. All balances are year-end, unless otherwise noted. All accounts have a normal balance. At the end of the year, the City Council passed an ordinance that all outstanding orders would be honored in the following fiscal year. Also, the Finance Officer set aside $40 for equipment replacement. City of Walland Preclosing Trial Balance For the Year Ended June 30, 20X9 Advance to Enterprise...
Create the balance sheet according to this trial balance The following unadjusted trial balances are for...
Create the balance sheet according to this trial balance The following unadjusted trial balances are for the governmental funds of the City of Copeland prepared from the current accounting records: General Fund Debit Credit Cash $ 19,000 Taxes Receivable 202,000 Allowance for Uncollectible Taxes $ 2,000 Vouchers Payable 24,000 Due to Debt Service Fund 10,000 Unavailable Revenues 16,000 Encumbrances Outstanding 9,000 Fund Balance—Unassigned 103,000 Revenues 176,000 Expenditures 110,000 Encumbrances 9,000 Estimated Revenues 190,000 Appropriations 171,000...
Exercise 17-8 During 2015, the City of Greenfield engaged in the following financial activities: The City...
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...
Encumbrances and payment Harmon School District's General Fund accounts for all revenues and expenditures. At the...
Encumbrances and payment Harmon School District's General Fund accounts for all revenues and expenditures. At the start of school year 2019 (which runs from July 1, 2018 to June 30, 2019) the fund balance is $280,000. The approved budget for 2019 follows. Estimated Revenues Property taxes $3,000,000 Intergovernmental revenues 900,000 Miscellaneous income 50,000 Appropriations Administration $ 300,000 Instruction 2,600,000 Pensions, other benefits 400,000 Transportation 200,000 Building maintenance 190,000 School supplies 220,000 All other expenditures 70,000 On August 10, 2018, Harmon...
At the end of the current fiscal year, the City of Columbus General Fund pre-adjusted trial...
At the end of the current fiscal year, the City of Columbus General Fund pre-adjusted trial balance showed the following balances for operating and budgetary accounts and fund balance accounts. Debits Credits $6,224,000 2,776,000 $7,997,000 Appropriations Estimated Other Financing Uses Estimated Revenues Encumbrances Expenditures Other Financing Uses Revenues Budgetary Fund Balance Fund Balance-Monspendable-Inventory of Supplies Fund Balance-Unassigned 6,192,000 2,770,000 7,980,000 1,603,000 140,000 1,990,000 The City of Columbus uses the purchases method of accounting for its inventory of supplies in the...
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...
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...
Encumbrances and payment Harmon School District's General Fund accounts for all revenues and expenditures. At the start of school year 2019 (which runs from July 1, 2018 to June 30, 2019) the fund balance is $280,000. The approved budget for 2019 follows. Estimated Revenues Property taxes $3,000,000 Intergovernmental revenues 900,000 Miscellaneous income 50,000 Appropriations Administration $ 300,000 Instruction 2,600,000 Pensions, other benefits 400,000 Transportation 200,000 Building maintenance 190,000 School supplies 220,000 All other expenditures 70,000 On August 10, 2018, Harmon...
At the end of the current fiscal year, the City of Columbus General Fund pre-adjusted trial balance showed the following balances for operating and budgetary accounts and fund balance accounts. Debits Credits $6,224,000 2,776,000 $7,997,000 Appropriations Estimated Other Financing Uses Estimated Revenues Encumbrances Expenditures Other Financing Uses Revenues Budgetary Fund Balance Fund Balance-Monspendable-Inventory of Supplies Fund Balance-Unassigned 6,192,000 2,770,000 7,980,000 1,603,000 140,000 1,990,000 The City of Columbus uses the purchases method of accounting for its inventory of supplies in the...
Most questions answered within 3 hours.
-
The rate constant for a certain reaction is k =
8.50×10−3 s−1 . If the initial...
asked 1 minute ago -
The lifetime of a physical mechanism is given as f(x) = {(c/x^2
if 1< x <...
asked 6 minutes ago -
Please help me with this problem below
What is wrong with the following code?
if income...
asked 15 minutes ago -
The following information for the past year is available from
Thinnews Co., a company that uses...
asked 19 minutes ago -
Suppose you work for Allstate, and insurance company and the
data shows the following for auto...
asked 19 minutes ago -
The fresh fruit market and frozen dinner market are
currently in equilibrium. Fresh fruit is a...
asked 25 minutes ago -
(1 point) Golf-course designers have become concerned that old
courses are becoming obsolete since new technology...
asked 23 minutes ago -
The active retelling of dominant cultural stories is known
preserves which concept?
hegemony
heterodoxy
doxa
myth
asked 26 minutes ago -
1. Which of the following statements is true of money?
It is anything accepted in exchange...
asked 27 minutes ago -
BASED ON THE AIRBNB, ETSY, UBER: GROWING FROM ONE THOUSAND TO
ONE MILLION CUSTOMERS HARVARD CASE:...
asked 52 minutes ago -
Which of these methods cause sterilization?
Autoclaving
Dry heat
Gamma irradiation
Ethylene oxide
A.
Yes
No...
asked 58 minutes ago -
A biologist wishes to estimate the effect of an antibiotic on
the growth of a particular...
asked 1 hour ago