Accounting and financial reporting cycle To improve its recreation facilities and to reduce its unemployment rate, Empire State created the Ticonderoga Trails Special Revenue Fund. By law, all traffic lines collected by the state police were directed to be deposited into the Ticonderaga Trails Special Revenue Fund, and used only to pay for the supplies and salaries of individuals employed to create new hiking trails in Ticonderaga State Park. There was no balance in the fund at the beginning of 2021. The Fund had the following transactions and events during the calendar year. 1. The legislature adopted and the governor approved a budget. Estimated traffic line revenues were $3,000,000. Appropriations were for parks and recreation program salaries of $2,600,000 and for parks and recreation program supplies of $360,000. 2. Received traffic line revenues of $3,040,000 during the year 2. Paid salaries of $2,500,000 during the year. 4. Incurred a ability of $60,000 for salaries earned by employees during the last work week in December that will be paid in early January 2022 5. Issued purchase orders for Supplies totaling $340,000. 6. Received deliveries of all the supplies ordered in the previous transaction. The supplies were inspected and vouchers were prepared for payment. Then, the invoices were paid. a) Prepare journal entries to record these transactions and events If an entry affects more than one debit or credit account, enter the accounts in order of magnitude (largest to smallest balances), debits first. Enter Oor leave the field blank if no entry is required. Credit Account -Traine Appropriations-parkond Tatian Sales V O 0 0 0 0 0 Torna att 0 0 D 0 TO 0 0 0 To The D 0 0 0 To record learned during the last week in December D 0 D To record purchase orders for D 0 To recede D 0 D To recorded for plan 0 0 To recordement of in b) Prepare a statement of revenues, expenditures, and changes in fund balance. Enter expenditures in the order of magnitude (largest to smallest balances). Empire State Ticondaroga Trail Special Revenue Fund Statement of Revenue Expenditures, and Changes in Fund Balance For the Year Ended December 31, 2021 Espen 0 und balance and of year Accounting and financial reporting cycle To improve its recreation facilities and to reduce its unemployment rate, Empire State created the Ticonderoga Trails Special Revenue Fund. By law, all traffic lines collected by the state police were directed to be deposited into the Ticonderaga Trails Special Revenue Fund, and used only to pay for the supplies and salaries of individuals employed to create new hiking trails in Ticonderaga State Park. There was no balance in the fund at the beginning of 2021. The Fund had the following transactions and events during the calendar year. 1. The legislature adopted and the governor approved a budget. Estimated traffic line revenues were $3,000,000. Appropriations were for parks and recreation program salaries of $2,600,000 and for parks and recreation program supplies of $360,000. 2. Received traffic line revenues of $3,040,000 during the year 2. Paid salaries of $2,500,000 during the year. 4. Incurred a ability of $60,000 for salaries earned by employees during the last work week in December that will be paid in early January 2022 5. Issued purchase orders for Supplies totaling $340,000. 6. Received deliveries of all the supplies ordered in the previous transaction. The supplies were inspected and vouchers were prepared for payment. Then, the invoices were paid. a) Prepare journal entries to record these transactions and events If an entry affects more than one debit or credit account, enter the accounts in order of magnitude (largest to smallest balances), debits first. Enter Oor leave the field blank if no entry is required. Credit Account -Traine Appropriations-parkond Tatian Sales V O 0 0 0 0 0 Torna att 0 0 D 0 TO 0 0 0 To The D 0 0 0 To record learned during the last week in December D 0 D To record purchase orders for D 0 To recede D 0 D To recorded for plan 0 0 To recordement of in b) Prepare a statement of revenues, expenditures, and changes in fund balance. Enter expenditures in the order of magnitude (largest to smallest balances). Empire State Ticondaroga Trail Special Revenue Fund Statement of Revenue Expenditures, and Changes in Fund Balance For the Year Ended December 31, 2021 Espen 0 und balance and of year
