Prepare general journal entry necessary to initially record

Assignment Help Accounting Basics

Reference no: EM133845239

Assignment: Accounting

Question I:

The council of the Town of Tulia approved the 2023 budget as follows:

Budgeted 2023 revenues from:
Property taxes $5,000,000
Sales taxes $1,000,000
Appropriations for 2023:
Salaries $4,600,000
Materials $1,200,000
Equipment $100,000

During 2023, the town's mayor presented the council with a budget revision to increase the amount of appropriation for salaries by $10,000. The council approved this budget revision.

Required:

1. Prepare the general journal entry necessary to initially record the budget.
2. Prepare the general journal entry necessary to record the budget revision.

Question II

Differentiate between Capital Projects Funds (CPF), Debt Service Funds (DSF) Leased Assets and Permanent Funds.

Question III

Prepare journal entries to record the following transactions for a town in 2018. The Town records ncumbrances only for its Supplies appropriation.

1. The town adopted the following budget for the year:

Revenues:
Property taxes $412,500
Licenses and fees $52,500
Appropriations:
Salaries $382,500
Supplies $ 60,000
Interest $2,250

2. Property tax bills amounting to $412,500 were sent to the property owners.

3. Because property taxes were not due to be received for several months and the town needed cash to finance its activities, the town borrowed $150,000 from a local bank using tax anticipation notes.

4. The town paid salaries in the amount of $112,500.

5. The town sent out two purchase orders for supplies: purchase order A for $9,000 and purchase order B for $7,500.

6. The town received $195,000 from property owners in payment of their property taxes.

7 town repaid the bank on its borrowing in transaction 3. The amount paid was $151,500, which included interest of $1,500.

8. The town collected $22,500 for fishing licenses.

9. The town received the supplies ordered on purchase order A in transaction 5. All the supplies arrived in good condition and the invoice for $9,150 was approved for payment.

10. The town Treasurer paid the invoice in transaction 9 for $9,150.

Textbook: Ives, M., Patton, T.K. & Patton, S.R. (2012). Introduction to governmental and not-for-profit accounting (7th Edition). Boston: Prentice Hall. ISBN: 978-0-13277601-1 (print version); ISBN: 978-0-13280544-5 (electronic version).

Reference no: EM133845239

Questions Cloud

Explain Poiseuille Law and Ohms Law : A 64-year-old obese female presents for a routine medication check. Explain Poiseuille Law and Ohm's Law.

Ethical nursing conflicts in rural health : Review the article entitled Ethical Nursing Conflicts in Rural Health (Brezza, 2017). and review the ANA Code of Ethics for Nursing.

Demonstrate behaviours that suggest the toddlers : Demonstrate behaviours that suggest the toddlers are not capable of making choices and completing routines on their own

Explain the issue impacting organizational culture : Explain the issue impacting organizational culture. Describe the current state of the staff's willingness to change and motivation for cultural change.

Prepare general journal entry necessary to initially record : Prepare the general journal entry necessary to initially record the budget. Prepare the general journal entry necessary to record the budget revision.

Manage a current engineering problem : ENN593-1 Project 1, The University Of Queensland - Identify and justify specific engineering management approaches/tools to manage a current engineering problem

Explain why cynthia is experiencing hypotension : Explain why Cynthia is experiencing hypotension. How does the body and its various organ systems bring the blood pressure back towards homeostasis?

What factors should you consider based on the mr ds age : What factors should you consider based on the Mr. D's age and health history? If Mr. D were your family member, how would you respond to his decision?

What is 360-degree feedback appraisal and what is it use for : What is a 360-degree feedback appraisal and what is it used for? Have you have had any aspect of such an appraisal done? What are the pros and cons?

User Account

All Pages