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ces Following are transactions and events of the General Fund of the City of Springfield for the fiscal year ended December 31, 2020. 1. Estimated revenues (legally budgeted) Property taxes Sales taxes Licenses and permits Miscellaneous 2. Appropriations: General government Culture and recreation Health and welfare. 3. Revenues received (cash) Property taxes Sales taxes Licenses and permits General government Culture and recreation Health and welfare. 5. Goods and services received (paid in cash) General government culture and recreation Health and welfare Miscellaneous 4. Encumbrances issued (includes salaries and other recurring items) Estimated $5,275,000 4,630,000 995,000 6. Budget revisions Estimated Revenues Appropriations Increase appropriations: General government $ 140,000 110,000 Culture and recreation. 7. Fund balance on January 1, 2020, was $753,000. There were no outstanding encumbrances at that date. a. Record the transactions using appropriate journal entries, b. Prepare a budgetary comparison schedule for the General Fund. Budgetary Fund Balance Goods and Serv ESTIMATED Appropriations: Record the transactions using appropriate journal entries. Appropriations Control General Government Culture and Recreation Health and Welfare Revenues recd Cash $5,641,600 4,830,000 1,500,000 500,000 Encumbrances $5,285,000 4,210, 000 1,000,000 Estimated Revenues $5,545,000 4,700,000 1,700,000 800,000 Debits Estimated Actual $5,275,0005 5,285,000 4,630,000 905,000 4,610,000 890,000 Goods and Serv ACTUAL General Journal Credits Budget revisions Subsidiary Ledger Debits Budgeted Comparison Schedule Revenues recd Cash > Credits

ces Following are transactions and events of the General Fund of the City of Springfield for the fiscal year ended December 31, 2020. 1. Estimated revenues (legally budgeted) Property taxes Sales taxes Licenses and permits Miscellaneous 2. Appropriations: General government Culture and recreation Health and welfare. 3. Revenues received (cash) Property taxes Sales taxes Licenses and permits General government Culture and recreation Health and welfare. 5. Goods and services received (paid in cash) General government culture and recreation Health and welfare Miscellaneous 4. Encumbrances issued (includes salaries and other recurring items) Estimated $5,275,000 4,630,000 995,000 6. Budget revisions Estimated Revenues Appropriations Increase appropriations: General government $ 140,000 110,000 Culture and recreation. 7. Fund balance on January 1, 2020, was $753,000. There were no outstanding encumbrances at that date. a. Record the transactions using appropriate journal entries, b. Prepare a budgetary comparison schedule for the General Fund. Budgetary Fund Balance Goods and Serv ESTIMATED Appropriations: Record the transactions using appropriate journal entries. Appropriations Control General Government Culture and Recreation Health and Welfare Revenues recd Cash $5,641,600 4,830,000 1,500,000 500,000 Encumbrances $5,285,000 4,210, 000 1,000,000 Estimated Revenues $5,545,000 4,700,000 1,700,000 800,000 Debits Estimated Actual $5,275,0005 5,285,000 4,630,000 905,000 4,610,000 890,000 Goods and Serv ACTUAL General Journal Credits Budget revisions Subsidiary Ledger Debits Budgeted Comparison Schedule Revenues recd Cash > Credits

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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ces Following are transactions and events of the General Fund of the City of Springfield for the fiscal year ended December 31, 2020. 1. Estimated revenues (legally budgeted) Property taxes Sales taxes Licenses and permits Miscellaneous 2. Appropriations: General government Culture and recreation Health and welfare. 3. Revenues received (cash) Property taxes Sales taxes Licenses and permits General government Culture and recreation Health and welfare. 5. Goods and services received (paid in cash) General government culture and recreation Health and welfare Miscellaneous 4. Encumbrances issued (includes salaries and other recurring items) Estimated $5,275,000 4,630,000 995,000 6. Budget revisions Estimated Revenues Appropriations Increase appropriations: General government $ 140,000 110,000 Culture and recreation. 7. Fund balance on January 1, 2020, was $753,000. There were no outstanding encumbrances at that date. a. Record the transactions using appropriate journal entries, b. Prepare a budgetary comparison schedule for the General Fund. Budgetary Fund Balance Goods and Serv ESTIMATED Appropriations: Record the transactions using appropriate journal entries. Appropriations Control General Government Culture and Recreation Health and Welfare Revenues recd Cash $5,641,600 4,830,000 1,500,000 500,000 Encumbrances $5,285,000 4,210, 000 1,000,000 Estimated Revenues $5,545,000 4,700,000 1,700,000 800,000 Debits Estimated Actual $5,275,0005 5,285,000 4,630,000 905,000 4,610,000 890,000 Goods and Serv ACTUAL General Journal Credits Budget revisions Subsidiary Ledger Debits Budgeted Comparison Schedule Revenues recd Cash > Credits
Transcribed Image Text:ces Following are transactions and events of the General Fund of the City of Springfield for the fiscal year ended December 31, 2020. 1. Estimated revenues (legally budgeted) Property taxes Sales taxes Licenses and permits Miscellaneous 2. Appropriations: General government Culture and recreation Health and welfare. 3. Revenues received (cash) Property taxes Sales taxes Licenses and permits General government Culture and recreation Health and welfare. 5. Goods and services received (paid in cash) General government culture and recreation Health and welfare Miscellaneous 4. Encumbrances issued (includes salaries and other recurring items) Estimated $5,275,000 4,630,000 995,000 6. Budget revisions Estimated Revenues Appropriations Increase appropriations: General government $ 140,000 110,000 Culture and recreation. 7. Fund balance on January 1, 2020, was $753,000. There were no outstanding encumbrances at that date. a. Record the transactions using appropriate journal entries, b. Prepare a budgetary comparison schedule for the General Fund. Budgetary Fund Balance Goods and Serv ESTIMATED Appropriations: Record the transactions using appropriate journal entries. Appropriations Control General Government Culture and Recreation Health and Welfare Revenues recd Cash $5,641,600 4,830,000 1,500,000 500,000 Encumbrances $5,285,000 4,210, 000 1,000,000 Estimated Revenues $5,545,000 4,700,000 1,700,000 800,000 Debits Estimated Actual $5,275,0005 5,285,000 4,630,000 905,000 4,610,000 890,000 Goods and Serv ACTUAL General Journal Credits Budget revisions Subsidiary Ledger Debits Budgeted Comparison Schedule Revenues recd Cash > Credits
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