Answered step by step
Verified Expert Solution
Question
1 Approved Answer
i need help on p3-43 (Budgetary transactions and events) Prepare journal entries to record the following transactions and events that occurred in Marilyn County during
i need help on p3-43
(Budgetary transactions and events) Prepare journal entries to record the following transactions and events that occurred in Marilyn County during calendar year 2022: 1. The legislature adopted the following budget: Estimated revenues and other sources: Property taxes... $1,740,000 Sales taxes 1,000,000 Use of fund balance 10,000 Total $2,750,000 Appropriations: General government-salarios.. $ 420,000 General goverment-supplies...* 30,000 Parks department--salaries... 2,000,000 Parks department-plants and supplies. 300,000 Total $2,750,000 2. The Parks department placed PO 2022-I for shrubbery in the amount of $52,000 and PO 2022-2 for gardening supplies in the amount of $11,000. The orders were charged to the appropriation for Parks department-plants and supplies. 3. The supplier delivered the shrubbery ordered on PO 2022-1: however, the supplier said he could not deliver some of the shrubs because he no longer carried them. The invoice for $49,000 was approved and forwarded to the comptroller's office for payment; the rest of the order ($3,000) was cancelled. 4. The supplier delivered the gardening supplies ordered on PO 2022-2. She sent an invoice for $11.200 because some of the items were of a higher quality than ordered. The Parks department accepted the entire delivery and forwarded the invoice for payment. 5. Based on a mid-year review of economy, the finance director concluded that sales tax revenues would be less than the original estimate. As a result, the legislature amended the bandout wwtucina P3-43. (Preparation of appropriations ledger) Prepare an appropriations ledger similar to Table 3-6 to record the transactions and events applicable to the appropriation for Parks department plants and supplies in problem P3-42. The ledger should have columns for appropriation (Cr.), encumbrances (Dr. and Cr.), expenditures (Dr.), and available appropriation (Cr.) 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