Reference no: EM1357042
Assume that the County of Katerah maintains its books and records in a manner that facilitates preparation of the fund financial statements. The County formally integrates the budget into the accounting system and uses the encumbrance system. All appropriations lapse at year-end. At the beginning of the fiscal year, the County had the following balances in its accounts. All amounts are in thousands.
REQUIRED: Prepare the necessary entries for the current fiscal year.
Cash $200
Fund Balance-Unreserved 50
Reserve for Encumbrances 150
a. The County made the appropriate entry to restore the prior year purchase commitments.
b. The County Board approved a budget with revenues estimated to be $800 and expenditures of $750.
c. The County received the items that had been ordered in the prior year at an actual cost of $135.
d. The County ordered supplies at an estimated cost of $50 and equipment at an estimated cost of $70.
e. The County incurred salaries and other operating expenses during the year totaling $600. The County paid these items in cash.
f. The County received the equipment at an actual cost of $75.
g. The County earned and collected, in cash, revenues of $810.
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