What journal entry is required at the beginning of the year

Assignment Help Financial Accounting
Reference no: EM132759958

The board of commissioners of the City of Hartmoore adopted a General Fund budget for the year ending June 30, 2017, that included revenues of $1,135,000, bond proceeds of $492,500, appropriations of $1,032,500, and operating transfers out of $337,500.

Problem 1: If this budget is formally integrated into the accounting records, what journal entry is required at the beginning of the year?

Problem 2: If this budget is formally integrated into the accounting records, what later entry is required?

Reference no: EM132759958

Questions Cloud

Prepare the entries first for fund financial statements : A budget is passed for all ongoing activities. Prepare the entries first for fund financial statements and then for government-wide financial statements.
What are operational risk exposures that banks encounter : What are the operational risk exposures that banks encounter? What are specific system and technology risks that banks face?
What is meant by a research problem : What is meant by a research problem? What are the categories of problems? How important is the objective (objectives) in an investigation
Explain the youth firearms violence initiative : Explain the Youth Firearms Violence Initiative. Choose one of the strategies and tactics shown in Table 8.2 (p.246). Explain the program in depth.
What journal entry is required at the beginning of the year : City of Hartmoore, If this budget is formally integrated into the accounting records, what journal entry is required at the beginning of the year?
Competitive priorities-infrastructure of production process : Analyze both the structure of the competitive priorities and infrastructure of the production process.
Calculate turnover ratios and evaluate relative performance : In the table below is data for two companies in a competitive industry. Calculate turnover ratios and evaluate relative performance
What fund balance amounts will be reported by the city : Prepaid items-$7,500., On a balance sheet for the governmental funds, what fund balance amounts will be reported by the City of Westchester?
What is the rules to help maintain shared mailbox : What is the rules to help maintain shared mailbox? what is the ground rules to store messages in folders or assign categories to messages?

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