Question
hi, can you please help with the Government and not-for-profit seventh edidtion Chapter 3 Ex 3-3. Kilbourne county engaged in teh following transactions in the
hi, can you please help with the Government and not-for-profit seventh edidtion Chapter 3 Ex 3-3.
Kilbourne county engaged in teh following transactions in the summary form during its fiscal year. all amounts are in millions. you need not to be concerned with the category of funds balances to which reserves for encumbrances are classified on the fund balance sheet.
1. its commission approbed a budget for the current fiscal year. it included total revenues of $860 amd total appropriations of $850
2. it orderd office supplies of $20
3 it incurred the folowing costs paying in cash
salaries $610
Repairs $40
Rent $25
Utilities $41
other operating costs $119
4. it ordered equipment costing$9
5. it received the equipment and was billed for $10. rather than th $9 anticaipated,
6. it received the previously ordered supplies and was billed for the amount originally estimated. the county reports the receipt of supplies as expenditures: it does not maintain an inventory for supplies
7. it earned and credit collected revenue of $865
a. prepare journal entries as appropriate
b. prepare closing entries as appropriate
c. what would have been teh diference in the year end financial statements if any had the county not made the budgetary entries
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