General Ledger Entries

Record the following transactions in the General Ledger accounts of the General Fund. You may aggregate the encumbrances but I want line items on revenues, appropriations, and expenditures.

1. The government adopted the following budget on the modified accrual basis

Estimated Revenues

Licenses, permits, & registrations 920,000

Charges for Services 575,000

Fines and forfeitures 300,000

Taxes 9,500,000

Total estimated Revenues

Appropriations

General Government 2,000,000

Public Safety 3,670,000

Highways and Streets 4,200,000

Health and Sanitation 800,000

Education 430,000

Culture and Recreation 200,000

Total Appropriations

Excess (Deficiency) of Est. Revenues over Appropriations

2. The commissioners reviewed the budget during the year and (a) revised the estimate of Charges for services to 605,000 and increased the Public safety and Education by $25,000 each to compensate for the anticipated increase in revenues, and (b) increased the Health and sanitation appropriations by $17,000 because of costs incurred in connection with an unusual outbreak of the zika virus.

3. Purchase orders were issued and contracts signed in following amounts:

General Government 510,000

Public Safety 3,170,000

Highways and Streets 4,002,000

Health and Sanitation 695,000

Education 427,000

Culture and recreation 89,000

4. Goods and Services under purchase orders and contracts were received (estimated costs):

General Government 480,000

Public safety 2,970,000

Highways and streets 3,800,000

Heath and sanitation 595,000

Education 360,000

Culture and recreation 55,000

The actual costs were (assume they were paid):

General Government 510,000

Public Safety 2,850,000

Highways and Streets 3,900,000

Health and Sanitation 605,000

Education 362,000

Culture and recreation 55,000

Assume the remaining orders are still outstanding.

5. Revenues (actual) were:

Taxes = 9,450,000 Licenses and permits= 951,000 Charges for Services= 620,000 Fines and forfeiture= 315,000

6. How much is still encumbered at the end of the year in each of the following accounts? General Government, public safety, Highways and Streets, Health and Sanitation, Education, Culture and recreation, and Total.