Prepare entries to record the following events and transactions for Tropical Township for the year 2018.The Township adopted a budget calling for appropriations of $360,000. The estimated revenues (all property taxes) were $350,000.The Township sent property tax bills amounting to $350,000 to property owners.Property owners paid $339,000 of property taxes to the Township.A purchase order of $25,000 was sent to a vendor of supplies.The supplies ordered in transaction d. were received in good order and the accompanying invoice of $24,000 was approved.Below are the names to use for the entries:AppropriationsBudgetary fund balanceCashProperty tax receivableRevenue – property taxEstimated revenue – property taxEncumbrancesExpenditures – suppliesBudgetary fund balance reserved for encumbrances (BFBRFE)Vouchers payable Transaction(letter)AccountDebitCredit

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Answered: Prepare entries to record the following…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Question

Prepare entries to record the following events and transactions for Tropical Township for the year 2018.

The Township adopted a budget calling for appropriations of $360,000. The estimated revenues (all property taxes) were $350,000.
The Township sent property tax bills amounting to $350,000 to property owners.
Property owners paid $339,000 of property taxes to the Township.
A purchase order of $25,000 was sent to a vendor of supplies.
The supplies ordered in transaction d. were received in good order and the accompanying invoice of $24,000 was approved.

Below are the names to use for the entries:

Appropriations	Budgetary fund balance	Cash
Property tax receivable	Revenue – property tax	Estimated revenue – property tax
Encumbrances	Expenditures – supplies	Budgetary fund balance reserved for encumbrances (BFBRFE)
Vouchers payable

Transaction (letter)	Account	Debit	Credit

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions