Prepare journal entries in the general fund

Assignment Help Financial Accounting
Reference no: EM133730

Question :

Prepare journal entries in the General Fund of the Brownville School District.

a. The District had outstanding encumbrances of $13,000 for band instruments from the earlier year. It is the District's policy to reestablish those encumbrances in the following year.

b. The District ordered textbooks at an estimated cost of $87,000.

c. The band instruments arrived at an invoice price of $12,500 plus $225 shipping.

d. Textbooks initially estimated to cost $77,000 were received with an invoice price of $76,900. The residual portion of the order is backordered.

e. A contract was signed with a CPA to give the annual audit in the amount of $11,000.

Reference no: EM133730

Questions Cloud

Basic flexible budgeting : Basic flexible budgeting Sydney, Inc., has the subsequent budgeted production costs:
What elements are needed to calculate the look angle : What elements are needed to calculate the look angle
Evaluate the division of the net income : Plan except that Wilkins is also to be allowed a bonus equal to 20 percent of the amount by which net income exceeds the total salary allowances.
Execute a detailed porter''s five forces analysis : Evaluate which of Porter's Three Generic strategies you may use as you rebuild The Broadway Cafe for the 21 st century.
Prepare journal entries in the general fund : Prepare journal entries in the General Fund of the Brownville School District.
Iata methods : Excursion, Purchase Excursion, Advance Purchase Excursion, Instant Purchase Excursion, Super Apex, IATA code,  Affinity Group, Common Interest, Incentive Group, Non Affinity group
Prepare an income statement for the year 2010 : Prepare an income statement for the year 2010, starting with Income from Continuing Operations before Taxes (part a). Consider the tax rate was 40%.
Evaluate the income taxes : Complete the flexible budget at the 90,000-unit level of activity. Consider that the cost of goods sold and variable operating expenses vary directly with sales and that income taxes remain at 30 % of operating income.
Evaluate the amount of clems expenses : Evaluate the amount of Clem's expenses that are deductible for AGI this year under the subsequent circumstances

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd