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:
Year 2:
Please do not “combine” ANY entries unless absolutely required.
( this will require 16 entries if done correctly.)
County appropriated 12K for training.
Since this is an appropriation, this means that this is an accrued expense.
Training expenses AC Dr $12K
To Accrued expenses AC CR $12K
[Being accrued expenses]
Consulting contracts worth 10K were signed
No entry as this is mere a contract.
Consultants completed all work and billed 10K, which was paid.
Consultant expenses AC DR $10K
To Consultant AC CR $10K
[Being the invoice has been received]
Consultant AC DR $10K
To Cash AC CR $10K
[Being the consultant bill has been paid]
Accrued expenses AC CR $12K
TO Training expenses AC Dr $12K
[Being accrued expenses are reversed]
Training materials of 1.8K were ordered but not received by year end.
Goods in Transit AC DR $1.8k
To Accrued expenses $1.8k
[Being the goods are not yet received]
County appropriated 13.5K for training
Training expenses AC Dr $13.5K
To Accrued expenses AC CR $13.5K
[Being accrued expenses]
Training materials ordered in year 1 were received, the actual cost was 1.7K
Training material AC DR 1.7k
To supplier AC CR 1.7k
[being goods are received]
Authorized contracts for 10.5K of training
No entry is required
After training was received, invoices for 10.8K were presented and paid in full.
Consultant expenses AC DR $10.8K
To Consultant AC CR $10.8K
[Being the invoice has been received]
Consultant AC DR $10.8K
To Cash AC CR $10.8K
[Being the consultant bill has been paid]
Accrued expenses AC CR $13.5K
TO Training expenses AC Dr $13.5K
[Being accrued expenses are reversed]
Using the following information prepare all appropriate journal entries for years 1 and 2. You ar...
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 The county appropriated $12,000 for employee education and training. The department signed contracts with outside consultants to conduct accounting and auditing workshops. Total cost was $10,000. The consultants conducted the workshops and were paid $10,000. The department ordered books and training materials, which it estimated would...
4-C. Part 2. Special Revenue Fund Transactions Required: a. Record journal entries for the following transactions for FY 2017 and post to the general ledger. As there are relatively few revenues and expenditures, the use of control accounts is not necessary. (Make entries directly to individual revenue and expenditure accounts). (1) The state government notified the City that $1,065,000 will be available for street and highway maintenance during 2017 (i.e. the City has met eligibility requirements). The funds are not...
Prepare journal entries, as appropriate, to record these
transactions. (We suggest you post the journal entries to general
ledger T-accounts.) Note: The Croton City continuing problem is
introduced in Chapter 3 on page 3-32. You should review the
scenario in Chapter 3 before preparing the journal entries for the
General Fund in this chapter.
Public safety $350
Public works 250
Parks 100
Of the $800 in property taxes receivable at January 1, $780 was
collected in cash. The remaining $20...
4. (Journal entries - budgetary and financial) Prepare journal entries to record the following transactions for Cosmotown for 2013. The Town records encumbrances only for its Supplies appropriation. a. Cosmotown adopted the following budget for the year: Revenues: Property taxes $275,000 Licenses and fees 35,000 Appropriations: Salaries 255,000 Supplies 40,000 Interest 1,500 b. Property tax bills amounting to $275,000 were sent to the property owners. c. Because property taxes were not due to be received for several months and the...
prepare all journal entries for Tobita Merchants for the all
of the above transactions
At January 1, 2017, Tobita following is a table containing details of the notes receivable and the balance of the interest accrued on each note as of the end of the last fiscal year, December 31, 2016 Interest Accrued $29.17 26.25 70.00 125.42 Note Interest Issue 1 E. Tessier $3,500 2R. Wolde 7,000 3 D. Deng 12,000 Date Nov. 1, 2016 Nov. 30, 2016 Dec. 1,...
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....
M 17-1 Journal Entries, Closing Entries, and Trial Balance LOS The general ledger trial balance of the General Fund of the City of Bedford on January 1, 2015, shows the following: Cash S100,000 Taxes Receivable 75.000 Allowance for Uncollectible Taxes $ 35.000 Fund Balance-Assigned (encumbrances from 2014) 30,000 Fund Balance-Unassigned 110,000 Total $175.000 $175,000 A summary of activities and transactions for the General Fund during 2015 is presented here: 1. The City Council adopted a budget for the General 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...
Journal entries for General Fund financial transactions for Croton City Prepare journal entries, as appropriate, to record these transactions. (We suggest you post the journal entries to general ledger T-accounts.) Note: The Croton City continuing problem is introduced in Chapter 3 on page 3-32. You should review the scenario in Chapter 3 before preparing the journal entries for the General Fund in this chapter. 1. Of the $800 in property taxes receivable at January 1, $780 was collected in cash....
Part IV. Basic Set of Budgetary Entries Prepare entries to record the following transactions for Benton City for the year 2013. Do not use encumbrance accounting in this problem. The city adopted a budget with appropriations of $250,000. The estimated revenues (all property taxes) were $240,000 b. The city sent property tax bills, at the time of levy, amounting to $230,000 to property owners C The city collected property tax bills, from (b) above, of $225,000. The remainder will be...