Need help with the journal entry for both general fund and governmental activities not sure what to do with the vehicle
5. Invoices for some of the goods recorded as encumbrances in transaction 4-a-2 were received and vouchered for payment, as listed below. Related encumbrances were canceled in the amounts listed below
Expenditures Encumbrances
General Government $ 94,776 $ 94,752 Public Safety 175,406 175,620
Public Works 194,408 194,512
Culture and Recreation 108,187 108,150
$572,777 $573,034
Required: Record the receipt of these goods and the related vouchers payable in both the General Fund and governmental activities journals. At the government-wide level, you should assume the city uses the periodic inventory method. Thus, the invoiced amounts above should be recorded as expenses of the appropriate functions, except that $32,340 of the amount charged to the Public Works function was for a vehicle (debit Equipment for this item at the government-wide level).
General Fund Journal entries | |||||
Particulars | Debit | Credit | |||
Encumbrances (94752+175620+194512+108150) | 573034 | ||||
reserve for encumbranches | 573034 | ||||
Reserve for encumbranches | 573034 | ||||
expenditure | 572777 | ||||
encumbranches | 573034 | ||||
vouchers payable (94776+175406+194408+108187) | 572777 | ||||
Government Activity | |||||
general government expenses | 94776 | ||||
public safety expenses | 175406 | ||||
public works expenses | 162068 | ||||
culture & recreation expenses | 108187 | ||||
equipment | 32340 | ||||
voucher payable | 572777 |
Need help with the journal entry for both general fund and governmental activities not sure what...
[Para. 4-a-10]Invoices for some of goods and services ordered in transaction 4-a-3 were received and vouchered for later payment. (Select “Elimination” in the drop down [Transaction Description] menu in the Detail Journal): Actual Estimated General Government $ 395,940 $ 394,060 Public Safety 1,086,650 1,088,600 Public Works 922,300 927,620 Health and Welfare 661,200 663,600 Culture and Recreation 593,750 597,000 Miscellaneous 138,000 138,000 ...
Required information [The following information applies to the questions displayed below.] 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. 1. The budget prepared for the fiscal year 2020 was as follows: Estimated Revenues: $1,943,000 372,000 397,000 62,000 Тахes Licenses and permits Intergovernmental revenue Miscellaneous revenues...
I need help with this Just journal entry for government funds accounts used: No Journal Entry Required Accumulated Depreciation Appropriations Budgetary Fund Balance Buildings Capital Lease Obligations Payable Cash Construction Expenditures Construction Work in Progress Encumbrances Encumbrances Outstanding Estimated Revenues Expenditures—General Government Expenses—General Government Expenses—Public Safety Fund Balance—Assigned Fund Balance—Unassigned Gain on Sale of Machinery Interfund Transfers Out Land Loss on Sale of Machinery Machinery and Equipment Other Financing Sources—Capital Lease Agreements Other Financing Sources—Proceeds of Capital Asset Sale Other...
I need help figuring out what is missing in the chart? The following information applies to the questions displayed below The following transactions occurred during the 2017 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 1. The budget prepared for the fiscal year 2017 was as follows: Estimated Revenues: $1,943,000 Taxes Licenses...
the question just about 5a-15 to 5a-18, I know the answer about 5a-1 to 5a-14 Para. 5a-1] On the first day of the 2020 fiscal year (January 1, 2020), the bond issue was sold at 101. Cash in the face amount of the bonds, $7,500,000, was deposited in the City Hall Annex Construction Fund; the premium was deposited in the debt service fund, as required by state law. Required: Record these transactions in the City Hall Annex Construction Fund...
Prepare journal entries for capital projects fund and the government-wide governmental activities general Journal for each of the following unrelated transactions. (The General Fund should not be used) (if no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) Transaction Fund Governmental Activies General Journal Debit Creat 1. A town secures a note payable in the amount of $150,000 to pay initial expenses for construction of a new police station. Town administrators plan...
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 following information applies to the questions displayed below.] 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...
The City of Castleton’s General Fund had the following post-closing trial balance at June 30, 2019, the end of its fiscal year: Debits Credits Cash $ 276,120 Taxes Receivable—Delinquent 183,000 Allowance for Uncollectible Delinquent Taxes $ 21,960 Interest and Penalties Receivable 6,280 Allowance for Uncollectible Interest and Penalties 1,160 Inventory of Supplies 6,100 Vouchers Payable 48,500 Due to Federal Government 29,490 Deferred Inflows of Resources—Unavailable Revenues 166,160 Fund Balance—Nonspendable—Inventory of Supplies 6,100 Fund Balance—Unassigned 198,130 $ 471,500 $ 471,500 Record...
Use Excel to prepare in good form a balance sheet for the General Fund as of December 31, 2017. Follow the format shown in Illustration 4-3 of Reck and Lowensohn, Accounting for Governmental & Nonprofit Entities, 17th edition textbook (hereafter referred to as “the textbook.”) City of Smithville General Fund Post-closing Trial Balance For year 2017 Debits Credits Cash $ 268,302 Taxes Receivable-Delinquent 193,371 Allowance for Uncollectible Delinquent Taxes $ 109,730 Interest and Penalties Receivable on Taxes 16,840 Allowance for...