Presented here are several transactions and events of the General Fund of Johnson County. All transactions and events relate to calendar year 2012.

1. Estimated revenues from the following sources were legally budgeted.

Sales taxes ........ $6,000,000

Fines and forfeits ..... 2,000,000

Licenses and permits ... 1,750,000

Intergovernmental revenues . 350,000

Total .......... $10,100,000

2. Appropriations for the following functions were legally budgeted.

General government .... $2,100,000

Public safety ...... 3,890,000

Culture and recreation ... 700,000

Health and welfare ..... 3,000,000

Total ......... $9,690,000

3. During the year, revenues were received in cash from the following sources:

Sales taxes ...... $ 5,930,000

Fines and forfeits .... 1,990,000

Licenses and permits .. 1,740,000

Intergovernmental revenues 385,000

Total ....... $10,045,000

4. During the year, contracts and purchase orders were issued as follows:

General government .... $ 450,000

Public safety ....... 800,000

Culture and recreation ... 280,000

Health and welfare ..... 500,000

Total .......... $2,030,000

5. Goods and services (these are a portion of the total ordered in transaction 4) were received, as follows:

6. A budget revision was approved by the County Commission. Estimated revenues for intergovernmental revenues were increased by $35,000. Appropriations for general government were increased by $100,000.

7. Vouchers were issued for items not previously encumbered, primarily personal services, in the following amounts:

General government ..... $1,747,000

Public safety ......... 3,080,000

Culture and recreation ...... 418,000

Health and welfare ..... 2,500,000

Total ........... $7,745,000

a. Record the transactions in general journal form. Include subsidiary accounts as illustrated in this chapter.

b. Open budgetary, revenue, expenditure, and encumbrance general ledger control accounts and post the transactions. You may use T-accounts.

c. Open Revenue and Appropriations, Expenditures, and Encumbrances subsidiary ledgers. Post the transactions. Prove that the control account balances agree with the related subsidiary ledger accounts.

d. Assume a beginning Fund Balance'Unreserved of $150,000. Prepare a budgetary comparison schedule for the General Fund. Include encumbrances with expenditures. Use Illustration 3–8 as an example.

e. Assuming that encumbered appropriations do not lapse at the end of the budget year, how much of the appropriations, by function, did lapse at the end of 2012? Show computations in goodform.

Transcribed Image Text:

General government Public safety Culture and recreation Health and welfare Estimated 5 450,000 500,000 275,000 500,000 $1,725,000 Actual $ 452,000 510,000 276,000 500,000 Total $1,738,000