Answered step by step
Verified Expert Solution
Question
1 Approved Answer
answer part A and part B this is all the information given theres nothung else begin{tabular}{l} hline Account To record the annual budget.
answer part A and part B this is all the information given
theres nothung else
\begin{tabular}{l} \hline Account \\ To record the annual budget. \\ To record traffic fine revenues. \\ \hline Io record salaries paid during theyear. \\ \hline To record salaries earned during the last week in December \\ \hline To record purchase orders for supplies. \\ \hline To record invoices received for supplies. \\ \hline Io record payment of invoices. \end{tabular} b) Prepare a statement of revenues, expenditures, and changes in fund balance. Enter expenditures in the order of magnitude (largest to smallest balances). To improve its recreation facilities and to reduce its unemployment rate, Empire State created the Ticonderoga Trails Special Revenue Fund. By law, all traffic fines collected by the state police were directed to be deposited into the Ticonderoga Trails Special Revenue Fund, and used only to pay for the supplies and salaries of individuals employed to create new hiking trails in Ticonderoga State Park. There was n 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 fine revenues were $1,875,000. Appropriations were for parks and recreation program salaries of $1,625,000 and for parks and recreation program supplies of $225,000. 2. Received traffic fine revenues of $1,900,000 during the year. 3. Paid salaries of $1,562,500 during the year. 4 . Incurred a liability of $37,500 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 $212,500. 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 0 or leave the field blank if no entry is required. To improve its recreation facilities and to reduce its unemployment rate, Empire State created the Ticonderoga Trails Special Revenue Fund. By law, all traffic fines collected by the state police were directed to be deposited into the Ticonderoga Trails Special Revenue Fund, and used only to pay for the supplies and salaries of individuals employed to create new hiking trails in Ticonderoga 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 fine revenues were $1,875,000. Appropriations were for parks and recreation program salaries of $1,625,000 and for parks and recreation program supplies of $225,000. 2. Received traffic fine revenues of $1,900,000 during the year. 3. Paid salaries of $1,562,500 during the year. 4. Incurred a liability of $37,500 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 $212,500. 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 0 or leave the field blank if no entry is required. b) Prepare a statement of revenues, expenditures, and changes in fund balance. Enter expenditures in the order of magnitude (largest to smallest balances) Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started