The Edward City Council approved and adopted the budget for its general fund for the year just ended. The budget contained the following amounts:
Estimated revenues | $4,900,000 | |
Appropriations | 4,780,000 | |
Authorized interfund transfer to the sports and recreation debt service fund |
90,000 |
During the year, various transactions and events occurred that
affected the general fund.
From the list of accounts below, determine which accounts were affected when recording the adopted budget in the general fund.
To prepare each required journal entry:
Account Name |
Debit |
Credit |
Estimated other financing uses -- interfund transfers | ||
Appropriations | ||
Estimated revenues | ||
Expenditures | ||
Budgetary fund balance |
The Edward City Council approved and adopted the budget for its general fund for the year just en...
The Edward City Council approved and adopted the budget for its general fund for the fiscal year beginning on January 1, Year 2. The budget contained the following amounts: Estimated revenues $4,900,000 Appropriations 4,780,000 On November 1, Year 1, Edward City levied property taxes of $4,150,000 for the fiscal year beginning January 1, Year 2. It estimated that $25,000 will be uncollectible. Any payment of property taxes received during the discount period receives a 20% discount. During the discount period...
The City of Jackson Hole adopted the following General Fund budget for the fiscal year: Estimated revenues: Taxes $ 3,000,000 Intergovernmental revenues 1,000,000 Licenses and permits 400,000 Fines and forfeits 150,000 Miscellaneous revenues 100,000 Total estimated revenues $ 4,650,000 Appropriations: General government $ 1,000,000 Public safety 2,000,000 Public works 950,000 Health and welfare 850,000 Miscellaneous revenues 50,000 Total appropriations $ 4,850,000 Prepare a summary general journal entry to record the adopted budget at the beginning of the fiscal year. (If...
The County Commission of Seminole County adopted its General Fund budget for the year ending June 30, comprising estimated revenues of $13,200,000 and appropriations of $12,900,000. The budgeted excess of estimated revenues over appropriations will be recorded as: A. A credit to Budgetary Fund Balance, $300,000. B. A memorandum entry only. C. A debit to Estimated Excess Revenues, $300,000. D. A credit to Surplus Revenues, $300,000.
The Town of Bedford Falls approved a General Fund operating budget for the fiscal year beginning on July 1. The budget provides for estimated revenues of $2,746,000 as follows: property taxes, $1,916,000; licenses and permits, $360,000; fines and forfeits $260,000; and intergovernmental (state grants), $210,000. The budget approved appropriations of $2,694,000 as follows: General Government, $510,000; Public Safety, $1,620,000; Public Works, $360,000; Culture and Recreation, $152,000; and Miscellaneous, $52,000 Required a. & b. Prepare the journal entry (or entries), to...
The Town of Willingdon adopted the following General Fund budget for the fiscal year beginning July 1: $15,500,000 875,000 400,000 125,000 75,000 $16,975,000 Estimated revenues : Taxes Intergovernmental revenues Licenses and permits Fines and forfeits Miscellaneous revenues Total estimated revenues Appropriations: General government Public safety Public works Health and welfare Miscellaneous Total appropriations $ 8,125,000 6,050,000 1,600,000 1,000,000 125,000 $16,900,000 Required a-1. Prepare the general journal entries to record the adopted budget at the beginning of the fiscal year. (If...
The Town of Willingdon adopted the following General Fund budget for the fiscal year beginning July 1: Estimated revenues: Taxes Intergovernmental revenues Licenses and permits Fines and forfeits Miscellaneous revenues Total estimated revenues Appropriations: General government Public safety Public works Health and welfare Miscellaneous Total appropriations $14,000,000 1,250,000 460,000 200,000 150,000 $16,060,000 $ 7,750,000 5,900,000 1,450,000 850,000 50,000 $16,080, eee Required a-1. Prepare the general journal entries to record the adopted budget at the beginning of the fiscal year. (If...
Budgetary entries The City of Albany, New York (population estimate 98,000) adopted the following General Fund budget for fiscal year 2018. (For simplicity, we combined many items into "All other" accounts.) Prepare the journal entry to record the budget. Estimated Revenues Property tax Sales tax All other $57,700,000 34,111,580 85,171,223 $176,982,803 Appropriations Police department Fire and emergency services All other $53,575,129 32,650,289 90,757,385 $176,982,803 Assume that, later in the year, the city decides to increase the Police department appropriation by...
Part A: Johnson City adopted the following General Fund budget for fiscal year 2017: Estimated revenues: Taxes $ 15,000,000 Intergovernmental revenues 1,000,000 Licenses and permits 400,000 Fines and forfeits 150,000 Miscellaneous revenues 100,000 Total estimated revenues $ 16,650,000 Appropriations: General government $ 8,000,000 Public safety 6,000,000 Public works 1,550,000 Health and welfare 950,000 Miscellaneous 100,000 Total appropriations $ 16,600,000 Required Prepare the general journal entries to record the adopted budget at the beginning of FY 2017
The Town of Willingdon adopted the following General Fund budget for the fiscal year beginning July 1: $ 15,800,000 800,000 380,000 110,000 60,000 $17,150,000 Estimated revenues : Taxes Intergovernmental revenues Licenses and permits Fines and forfeits Miscellaneous revenues Total estimated revenues Appropriations: General government Public safety Public works Health and welfare Miscellaneous Total appropriations $ 8,200,000 6,080,000 1,630,000 1,030,000 140,000 $17,080,000 Required a-1. Prepare the general journal entries to record the adopted budget at the beginning of the fiscal year....
The preclosing trial balance at December 31, 20X1, for Lone Wolf’s general fund follows. Debit Credit Cash $ 94,000 Property Taxes Receivable—Delinquent 118,200 Allowance for Uncollectibles—Delinquent $ 7,100 Due from Other Funds 14,300 Vouchers Payable 63,000 Due to Other Funds 8,400 Fund Balance—Unassigned 120,000 Property Tax Revenue 1,140,000 Miscellaneous Revenue 38,000 Expenditures 1,125,000 Other Financing Uses—Transfer Out 25,000 Estimated Revenues Control 1,233,000 Appropriations Control 1,155,000 Estimated Other Financing Uses—Transfer Out 25,000 Encumbrances 39,000 Budgetary Fund Balance—Assigned for Encumbrances 39,000 Budgetary...