Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

E3-4 (Budgetary Accounts) Indicate which of the following transactions require entries to accounts that are used only for budgetary control purposes, even if other accounts

image text in transcribed
E3-4 (Budgetary Accounts) Indicate which of the following transactions require entries to accounts that are used only for budgetary control purposes, even if other accounts also are involved. 1. Adopted the budget-estimated revenues of $5,000,000 and appropriations of $4,900,000. 2. Levied property taxes of $3,500,000. Historically, 1% has been uncollectible. 3. Paid salaries of $2,700,000. 4. Hired a new director of public works at an agreed salary of $60,000. 5. Ordered materials and supplies expected to cost $103,000. 6. Amended the appropriation for public works to increase it by $10,000. 7. Received a portion of the materials and supplies order at an actual cost of $51,500 and the estimated cost was $52,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Audit Process Principles Practice And Cases

Authors: Stuart Manson, Iain Gray, Louise Crawford

6th Edition

1408081709, 978-1408081709

More Books

Students also viewed these Accounting questions