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P3-2 (Budgetary and Other EntriesGeneral and Subsidiary Ledgers) The Murphy County Commissioners adopted the following General Fund budget for the 20X8 fiscal year: Murphy County
P3-2 (Budgetary and Other EntriesGeneral and Subsidiary Ledgers) The Murphy County Commissioners adopted the following General Fund budget for the 20X8 fiscal year:
Murphy County General FundBudget20X8 | |
---|---|
Estimated Revenues: | |
Taxes | $ 8,000,000 |
Licenses and permits | 800,000 |
Intergovernmental | 2,000,000 |
Charges for services | 200,000 |
Fines and forfeits | 400,000 |
Other | 600,000 |
12,000,000 | |
Appropriations: | |
General government | 1,000,000 |
Public safety | 4,000,000 |
Highways and streets | 5,000,000 |
Health and sanitation | 900,000 |
Culture and recreation | 400,000 |
Other | 600,000 |
11,900,000 | |
Excess of Estimated Revenues over Appropriations | 100,000 |
Fund BalanceBeginning | 1,400,000 |
Fund BalanceEnding (Anticipated) | $1,500,000 |
The following events occurred during 20X8:
- Purchase orders issued and contracts let were expected to cost:
General government | $ 300,000 |
Public safety | 1,200,000 |
Highways and streets | 2,500,000 |
Health and sanitation | 500,000 |
Culture and recreation | 300,000 |
Other | 200,000 |
$ 5,000,000 |
- The commissioners reviewed the budget during the year and (a) revised the estimate of Intergovernmental Revenues to $1,500,000 and reduced the Public safety and Highways and streets appropriations by $225,000 each to partially compensate for the anticipated decline in intergovernmental revenues, and (b) increased the Health and sanitation appropriation by $70,000 because of costs incurred in connection with an unusual outbreak of Tasmanian flu.
- Revenues (actual) for 20X8 were:
Taxes | $ 8,150,000 |
Licenses and permits | 785,000 |
Intergovernmental | 1,520,000 |
Charges for services | 210,000 |
Fines and forfeits | 395,000 |
Other | 500,000 |
$11,560,000 |
- Goods and services under purchase orders and contracts were received:
Estimated Cost | Actual Cost | |
---|---|---|
General government | $ 280,000 | $ 278,000 |
Public safety | 900,000 | 910,000 |
Highways and streets | 2,500,000 | 2,500,000 |
Health and sanitation | 440,000 | 440,000 |
Culture and recreation | 300,000 | 295,000 |
Other | 180,000 | 181,000 |
$4,600,000 | $4,604,000 |
- The remaining orders are still outstanding.
- Other expenditures incurred were:
General government | $ 700,000 |
Public safety | 2,560,000 |
Highways and streets | 2,271,000 |
Health and sanitation | 485,000 |
Culture and recreation | 45,000 |
Other | 391,000 |
$6,452,000 |
Required
- Set up general ledger T-accounts like those in Illustration 3-1 and also revenues and expenditures subsidiary ledgers like those in Illustrations 3-2 and 3-3.
- Record the Murphy County 20X8 General Fund budget in the general ledger and subsidiary ledger accounts, keying these entries "B" (for budget). Then record the numbered transactions and events, keying these entries by those numbers.
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