Question
E3-6 (Budgetary Entries-General Ledger) The city of Cherokee Hill adopted its fiscal year 20X8 General Fund budget, using the modified accrual basis of accounting,
E3-6 (Budgetary Entries-General Ledger) The city of Cherokee Hill adopted its fiscal year 20X8 General Fund budget, using the modified accrual basis of accounting, on January 1, 20X8. Budgeted revenues were $17 million; budgeted expenditures were $16,500,000. August 5, 20X8, the Cherokee Hill City Council adopted a motion by Mayor Clyde Fisher to increase the police department appropriation by $200,000. All other budgeted items remained unchanged. September 1, the city council revised the estimate of sales tax revenues upward by $60,000. Required a. Record the budgetary events in the General Fund general ledger accounts. b. Close the General Fund accounts (both budgetary and actual events). Assume the actual transaction entries were recorded properly. In addition to the foregoing events, assume the following information: Actual revenues for the year totaled $17,300,000. Expenditures for the year totaled $16,600,000.
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