Required: Record the budget amendments in the General Fund general journal only. Budgetary items do not affect the government-wide accounting records. Select "Budget Amendment" in the [Description] box in the Detail Journal.
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- 4-24: Transactions and Budgetary Comparison Schedules (LO4-1, LO4-3) The following transactions occurred during the 2020 fiscal year for the City of Evergreen. For budgetary purposes, the city reports encumbrances in the Expenditures section of its budgetary comparison schedule for the General Fund but excludes expenditures chargeable to a prior year’s appropriation. 1. The budget prepared for the fiscal year 2020 was as follows: Estimated Revenues: Taxes $1,943,000 Licenses and permits 372,000 Intergovernmental revenue 397,000 Miscellaneous 62,000 Total estimated revenues 2,774,000 Appropriations: General government 471,000 Public safety 886,000 Publics works 650,000 Health and welfare 600,000 Miscellaneous 86,000 Total appropriations 2,693,000 Budgeted increase in fund balance $81,000 2. Encumbrances issued against the appropriations during the year…Preparation of financial statements and interpretation of operating results Below is the December 31, 2022 trial balance for Radnor City's General Fund. Trial Balance Account Debit Credit Estimated revenues-property taxes $500,000 Estimated revenues-intergovernmental 150,000 Estimated revenues-licenses and fees 100,000 Estimated revenues-fines 50,000 Budgetary fund balance Appropriations-general government 10,000 $159,000 Appropriations-parks and recreation 175,000 Appropriations-public safety 446,000 Appropriations-social services 30,000 Expenditures-public safety 441,000 Expenditures-general government 150,500 Expenditures-parks and recreation 170,500 Expenditures-social services 27,000 Cash 35,600 Property taxes receivable 67,200 Tax anticipation notes payable 10,000 Interest payable 800 Revenues-property taxes 497,000 Revenues-intergovernmental 154,000 Revenues-licenses and fees 99,000 Revenues-fines 48,000 Fund balance 62,000 Vouchers payable 21,000 Total $1,701,800 $1,701,800Edwards City has the following information for its general fund for the upcoming fiscal year. Which of the following would be the appropriate effect to budgetary fund balance when the budget is recorded? Estimated revenue Appropriations Property tax 3,500,000 Salaries 2,690,000 Sales tax 490,000 Capital items 1,320,000 Other 50,000 Other 15,000 None of these Credit budgetary fund balance $30,000 Credit budgetary fund balance $15,000 Debit budgetary fund balance $30,000
- Budget & Fund Balance: The Wayne City Council approved and adopted its budget for 2020. The budget contained the following amounts: Estimated revenues $ 800,000 Appropriations $ 700,000 Estimated other financing uses-interfund transfers out $ 60,000 During the year 2020, the following transactions and events occurred that affected the general fund. Property tax revenue $ 675,000 Interfund transfer out to the debt service fund $ 45,000 Interfund transfer in received by general fund $ 60,000 Expenditures $ 430,000 Encumbrances, balance at 2020 year-end $ 120,000 Required: Complete #1-3 below. 1) Prepare the entry to close the budget.…The following selected information relates to the Town of Hempstead's general fund 2020 financial records: Budget Actual Property tax revenue 5,000,000 6,700,000 Other financing sources 1,600,000 1,050,000 Other financing uses 900,000 1,200,000 Expenditure 5,600,000 5,700,000 Unassigned fund balance, January 1, 2020 3,000,000 The budget as originally adopted was not amended. Encumbrances outstanding at the end of 2020 amount to $500,000 and are considered part of "assigned" fund balance at year-end. Given the information, what amount should be recorded in the budgetary entry for Budgetary Fund Balance?Ch3 9. The Encumbrances account is properly termed a Multiple Choice Long-term liability. Reservation of unassigned fund balance. Budgetary account. Current liability if paid within a year; otherwise, long-term debt. 10. When computers are ordered by the mayor's office, the purchase order should be recorded in the General Fund as a debit to: Multiple Choice Encumbrances. Equipment. Expenditures. Appropriations.
- Garden City had the following accounts approved at the beginning of 2021. Estimated Revenues: $8 million Estimated Other Financial Uses $2 million Appropriations $9 million Estimated Other Financial Sources $4 million What budgetary amount of fund balance Garden City will report in its budget summary? O a. Debit $1 million. O b. Credit $1 million. O c. Debit $3 million. O d. Credit $3 million.Accounting Question*Please prepare journal entries for government-wide financial statements** (Select the appropriate fund for each situation when required. If no entry is required for a transaction/event, put "No journal entry required") A) budget is passed for all ongoing activities. Revenue is anticipated to be $1,023,250, with approved spending of $611,000 and operating transfers out of $336,000. B) contract is signed with a construction company to build a new central office building for the government at a cost of $9,000,000. The county previously recorded the budget for this project. C) Bonds are issued for $9,000,000 (face value) to finance construction of the new office building. The new building is completed. An invoice for $9,000,000 is received by the county and paid. E) Previously unrestricted cash of $1,600,000 is set aside by county officials to begin paying the bonds issued in (c). F) A portion of the bonds comes due, and $1,600,000 is paid. Of this total, $115,000 represents…
- 4. City of Atwater wants to prepare closing entries at the end of a fiscal year for budgetary and operating statement control accounts in the general ledger of the General Fund. Following balance are belong to the City. Appropriations, $7,824,000%3; Financing Uses, $2,766,000; Estimated Revenues, $7,798,000; Encumbrances,$0; Expenditures, $5,900,0003; Uses, $2,770,000; Revenues, $8,980,000. Required Show in general journal form the entry needed to close all of the preceding accounts that should be closed as of the end of the fiscal year. Estimated Other Other FinancingChanges in mix of revenues and expenditures must be interpreted with care. The data that follow were drawn from the city of Boulder, Colorado’s CAFR. Dates have been changed. They are from two statistical-section schedules showing the mix of revenue and expenditures for a 10-year period. They include amounts only from the general fund, special revenue funds, and debt service funds. 2020 2021 (amounts in thousands) Revenues Sales and use taxes $ 97,397 $104,136 General property taxes 29,474 29,434 Other taxes 20,278 21,184 Charges for services 27,030 22,670 Intergovernmental 16,420 13,348 Proceeds from bonds and notes 54,830 Other 20,660 21,473 Total revenues $266,089 $212,245 Expenditures General government and administration $ 27,717 $ 30,185 Public safety 47,825 48,202 Public works 22,178 27,896 Housing and human services 13,384 20,226 Culture and recreation 25,677 28,089 Capital outlay 29,111 19,218 Debt service 13,574 16,375…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…