Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I am lost on how to do the appropriations ledger need guidance Preparation of appropriations ledger The following transactions and events that occurred in the
I am lost on how to do the appropriations ledger need guidance
Preparation of appropriations ledger The following transactions and events that occurred in the village of Kowitt Gorge during the calendar year 2019: 1. The village commissioners adopted the following budget: Estimated revenues: $1,850,000 300,000 $2.150,000 Property taxes All other revenues Total revenues Appropriations: All departments other than police $1,000,000 600,000 450,000 80,000 $2,130,000 Police-fringe benefits Total appropriations 2. The village received, in cash, property taxes of $1,840,000 and all other revenues of $295,000. 3. The village made cash payments, charging the following appropriations: All departments other than police $1,000,000 595,000 Police-fringe benefits 390,000 4. The administrator of fringe benefits received an invoice for police employee health insurance in the amount of $95,000, together with a letter from the insurance provider, explaining that the large increase was caused by a change in federal laws. The invoice could not be paid because the Police-fringe benefits appropriation had a balance of only $60,000 (appropriation of $450,000 minus expenditures in item 3 of $390,000). As a result, the village commissioners amended the budget as follows: Increase: Appropriation for police-fringe benefits $35,000 Decrease: Appropriation for police-salaries 5,000 25,000 5,000 Use of fund balance S. The village paid the invoice for $95,000, referred to in item 4 above, charging the appropriation for police-fringe benefits. 6. The police department placed PO 2019a for firearms in the amount of $30,000 and PO 2019b for uniforms in the amount of $20,000, all charged to the appropriation for police supplies. (Enter these POs as one transaction.) 7. After receiving PO 2019a, the supplier notified the police department that a change in the design of the weapons would increase the cost to $32,000. The department sent the supplier an amended PO, increasing it by $2,000. 8. The police department received the uniforms ordered on PO 2019b, together with an invoice for $20,000. The department approved the invoice for payment. Record the transactions and events applicable to the appropriations for police-fringe benefits and police-supplies in the following appropriations ledger NOTES . Use a negative sign with your answers if: 1. the amount entered in the Appropriation column is a debit (Dr.) rather than a credit (Cr.); or 2. the amount entered in the Expenditures column is a credit (Cr.) rather than a debit (Dr.). . In the Available Appropriation column, enter the appropriate balance after every transaction/event, even if a transaction isn't recorded in a particular ledger for that transaction. For Transaction 6, enter both purchase orders (POs) as one combined transaction. Appropriations Ledger Appropriation: Police- fringe benefits Transaction Cr Dr Dr 2,130,0002,150,000 Appropriations Ledger Appropriation: Police-supplies Appropriation Expenditures Available Transaction Dr Cr Dr. Appropriation Check 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