The State of Monogahela adopted a budget for its general fund for the year. The following...
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The State of Monogahela adopted a budget for its general fund for the year. The following amounts are relevant: Estimated other financing uses - transfers out Budgetary fund balance Estimated total sales taxes to be collected Estimated total to be spent Amount authorized for retirement of debt Amount authorized to subsidize state agency telecommunications $ 2,000,000 6,000,000 100,000,000 92,000,000 1,000,000 1,000,000 At the end of the fiscal year, $8.4 million in encumbrances were outstanding, but the appropriation authority expired. To prepare each required journal entry: • Enter the corresponding debit or credit amount in the associated column. • Round all amounts to the nearest whole number. • Not all rows in the table might be needed to complete each journal entry. • If no journal entry is needed, check the "No entry required" box at the top of the table as your response. 1. Purchase orders in the amount of $15 million are issued in the general fund. O No Entry Required Account Name Encumbrances Expenditures Encumbrances outstanding Purchases Vouchers payable Account Name Encumbrances Expenditures Encumbrances outstanding Purchases Debit Vouchers pavable 2. The merchandise for which the purchase orders were issued is received. O No Entry Required 123 Debit 123 123 123 123 123 123 123 123 Credit 123 Credit 123 123 123 123 123 123 123 123 123 123 3. The annual budget is closed out at year end. O No Entry Required Account Name Appropriations Estimated other financing uses -- transfers out Budgetary fund balance Estimated revenues Expenditures Debit 123 123 123 123 123 Credit 123 123 123 123 123 4. Encumbrances to lapse. O No Entry Required Account Name Encumbrances Expenditures Encumbrances outstanding Unassigned fund balance Vouchers payable Debit 123 123 123 123 123 Credit 123 123 123 123 123 The State of Monogahela adopted a budget for its general fund for the year. The following amounts are relevant: Estimated other financing uses - transfers out Budgetary fund balance Estimated total sales taxes to be collected Estimated total to be spent Amount authorized for retirement of debt Amount authorized to subsidize state agency telecommunications $ 2,000,000 6,000,000 100,000,000 92,000,000 1,000,000 1,000,000 At the end of the fiscal year, $8.4 million in encumbrances were outstanding, but the appropriation authority expired. To prepare each required journal entry: • Enter the corresponding debit or credit amount in the associated column. • Round all amounts to the nearest whole number. • Not all rows in the table might be needed to complete each journal entry. • If no journal entry is needed, check the "No entry required" box at the top of the table as your response. 1. Purchase orders in the amount of $15 million are issued in the general fund. O No Entry Required Account Name Encumbrances Expenditures Encumbrances outstanding Purchases Vouchers payable Account Name Encumbrances Expenditures Encumbrances outstanding Purchases Debit Vouchers pavable 2. The merchandise for which the purchase orders were issued is received. O No Entry Required 123 Debit 123 123 123 123 123 123 123 123 Credit 123 Credit 123 123 123 123 123 123 123 123 123 123 3. The annual budget is closed out at year end. O No Entry Required Account Name Appropriations Estimated other financing uses -- transfers out Budgetary fund balance Estimated revenues Expenditures Debit 123 123 123 123 123 Credit 123 123 123 123 123 4. Encumbrances to lapse. O No Entry Required Account Name Encumbrances Expenditures Encumbrances outstanding Unassigned fund balance Vouchers payable Debit 123 123 123 123 123 Credit 123 123 123 123 123
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Journal Entry 1 Budgetary Fund Balance Debit Credit Estimated sales taxes to be collected 92000000 T... View the full answer
Related Book For
Accounting for Governmental and Nonprofit Entities
ISBN: 978-1259917059
18th edition
Authors: Jacqueline L. Reck, James E. Rooks, Suzanne Lowensohn, Daniel Neely
Posted Date:
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