3a 3b 4 5 = 0 0 0 0 To reserve encumbrances. = ÷ To record expenditure. DO 0 0 0 ÷ 0 0 = 0 0 ÷ 0 0 ÷ 0 0 Appropriation Appropriations Ledger Appropriation: Public Safety Supplies Encumbrances Expenditures Available Item Cr. Dr. Cr. Dr. Appropriation 1 0 0 0 0 0 2 ° 0 0 0 0 За ° 0 0 0 0 зь 0 0 0 0 0 Check Save Answers Question 1 Not complete Marked out of 7.14 Flag question Scenario and General Fund budgetary journal entries The scenario: Croton City maintains four governmental-type funds: a General Fund, a Library Special Revenue Fund, a Capital Projects Fund, and a Debt Service Fund. Croton City started its calendar year 2019 with the following General Fund balances (all numbers are in thousands of dollars). Cash Property taxes receivable Debits Credits $1,800 800 Salaries payable Deferred property tax revenues Unassigned fund balance Totals $700 300 1,600 $2,600 $2,600 Croton has adopted the following budgetary and accounting policies: • Encumbrance accounting is used only for the acquisition of supplies and for the award of contracts for construction and construction-related activities. Open encumbrances lapse at the end of the year, but are considered in developing the next year's budget. Because final income tax returns are not required to be filed until April 15 of the year following the end of a calendar year, "available" for income taxes is defined as taxes expected to be collected within 120 days after the end of the calendar year. • Croton allows its employees to accumulate unused vacation days and to receive cash for up to 30 days of unused vacation leave at retirement. Such payments are charged to the department's appropriation for salarie • All revenues received by the library from fines, donations, and fundraising events are credited to Revenues-miscellaneous. General Fund budgetary journal entries: Prepare journal entries to record the following budgetary transactions applicable to the General Fund. Also, prepare an appropriations ledger for the Public safety supplies appropriation. (Because you will need to prepare trial balances for each of the funds for Part D of this problem, it is suggested that you post the opening trial balance and the journal entries to general ledger T accounts.) 1. The Croton council adopted the following General Fund budget for 2019: Revenues-property taxes Revenues-personal income taxes $9,000 Revenues-intergovernmental 1,000 Revenues-recreation fees Appropriations: Public safety salaries Public safety supplies 500 Public works salaries Parks salaries Transfer to Library Fund Transfer to Debt Service Fund 1,200 2. Croton's Public Safety Department placed two purchase orders against its supplies appropriation, one for $300 for firearms and one for $150 for uniforms. 3. The firearms were received, with an invoice for $330. The purchase order allowed shipment of 10 percent over the amount ordered, so the invoice was approved. 4. The invoice for firearms was paid. 5. The Croton Cats won the World Series. To provide more funds for crowd control at the parade, the council increased the Public safety salaries appropriation by $100. NOTE: Not all of the journal entry rows are needed to record the budget in Ref. 1. Select "No entry" as your answer and leave the Debit and Credit answers blank (zero) for any rows that are not needed. Ref. Description Debit = 0 0 = 0 0 = 0 0 = 0 0 = 0 0 . 0 0 A 0 0 수 0 0 ÷ 0 0 ÷ 0 0 ÷ 0 0 ÷ 0 0 = 0 0 0 0 0 0 0 0

Prepare the necessary closing entries for the General Fund for the year ended December 31, 2021.

5

Review problem affecting reporting on General Fund As the recently appointed chief accountant of the City of York, you asked the bookkeeper for a trialbalance of the General Fund as of December 31, 2022. York uses only a General Fund to recordall its transactions. This is what you received: City of York General Fund Trial Balance December 31, 2022       Debits Credits Cash $20,800   Short-term investments 180,000   Accounts receivable 11,500   Taxes receivable—current 30,000   Tax anticipation notes payable   $58,000 Appropriations   927,000 Expenditures 795,200   Estimated revenues 927,000   Revenues   750,000 General city property 98,500   General obligation bonds payable 52,000   Unassigned fund balance   380,000   $2,115,000 $2,115,000 After reviewing the trial balance, you realize that the inexperienced bookkeeper made errors onsome transactions and merely guessed at the correct accounting treatment of other transactions.This is what you found…

Miscellaneous scenarios requiring journal entries The following transactions and events pertain to Bean County’s General Fundfor the calendar year 2022:1. The entity receives invoices in early January 2023 for $25,000 for professional servicesobtained in 2022, and $32,000 for December 2022 utility services.2. The entity borrows $500,000 on August 1, 2022, in anticipation of thecollection of property taxes. The borrowed amount is due to be repaid onJanuary 31, 2023, with interest at the rate of 1.5 percent per annum.3. The entity invests $300,000 cash in a CD on November 1, 2022, at an interest rateof 1 percent per annum. The CD will mature on January 31, 2023.4. In September 2022, the entity receives and accepts supplies that had beenordered in August. The amount that had been encumbered was $40,000,but the amount of the approved invoice was $42,000.Prepare journal entries for the transactions and events listed above.Enter 0 or leave the field blank if no entry is required for calendar…

Foc

Haradev

A1

Plz help

City of Smithville CH 4 Fiscal year 2023. Questions 8-13