Question
Journal entries for a series of transactions Prepare journal entries in the General Fund for each of the following events relating to the City of
Journal entries for a series of transactions Prepare journal entries in the General Fund for each of the following events relating to the City of Bar Harbor (all amounts in $1,000s).
a. The citizens approve the following budget for the year:
ESTIMATED REVENUES | $78,924 |
ESTIMATED OTHER FINANCING SOURCES | 2,000 |
APPROPRIATIONS | (77,273) |
BUDGETARY FUND BALANCE | $3,651 |
General Journal | ||
---|---|---|
Description | Debit | Credit |
AnswerESTIMATED REVENUESESTIMATED OTHER FINANCING SOURCESAPPROPRIATIONSENCUMBRANCESBUDGETARY FUND BALANCECashOther financing sources--proceeds from bond issueReal estate taxes receivableIntergovernmental fees receivableVouchers payableDeferred revenues--real estate taxesRevenues--real estate taxesRevenues--intergovernmentalExpenditures--human servicesExpenditures--debt principal paymentsFund balance--unassignedFund balance--assignedFund balance--nonspendable | Answer | Answer |
ESTIMATED OTHER FINANCING SOURCES | Answer | Answer |
APPROPRIATIONS | Answer | Answer |
AnswerESTIMATED REVENUESESTIMATED OTHER FINANCING SOURCESAPPROPRIATIONSENCUMBRANCESBUDGETARY FUND BALANCECashOther financing sources--proceeds from bond issueReal estate taxes receivableIntergovernmental fees receivableVouchers payableDeferred revenues--real estate taxesRevenues--real estate taxesRevenues--intergovernmentalExpenditures--human servicesExpenditures--debt principal paymentsFund balance--unassignedFund balance--assignedFund balance--nonspendable | Answer | Answer |
b. The City records the following revenues (on account) and other financing sources (paid in cash) during the year:
1. | Revenues-real estate and personal property taxes | $68,650 |
2. | Revenues-intergovernmental | 12,685 |
3. | Other financing sources-bond proceeds | 2,400 |
Description | Debit | Credit | |
---|---|---|---|
1. | AnswerESTIMATED REVENUESESTIMATED OTHER FINANCING SOURCESAPPROPRIATIONSENCUMBRANCESBUDGETARY FUND BALANCECashOther financing sources--proceeds from bond issueReal estate taxes receivableIntergovernmental fees receivableVouchers payableDeferred revenues--real estate taxesRevenues--real estate taxesRevenues--intergovernmentalExpenditures--human servicesExpenditures--debt principal paymentsFund balance--unassignedFund balance--assignedFund balance--nonspendable | Answer | Answer |
AnswerESTIMATED REVENUESESTIMATED OTHER FINANCING SOURCESAPPROPRIATIONSENCUMBRANCESBUDGETARY FUND BALANCECashOther financing sources--proceeds from bond issueReal estate taxes receivableIntergovernmental fees receivableVouchers payableDeferred revenues--real estate taxesRevenues--real estate taxesRevenues--intergovernmentalExpenditures--human servicesExpenditures--debt principal paymentsFund balance--unassignedFund balance--assignedFund balance--nonspendable | Answer | Answer |
2. | AnswerESTIMATED REVENUESESTIMATED OTHER FINANCING SOURCESAPPROPRIATIONSENCUMBRANCESBUDGETARY FUND BALANCECashOther financing sources--proceeds from bond issueReal estate taxes receivableIntergovernmental fees receivableVouchers payableDeferred revenues--real estate taxesRevenues--real estate taxesRevenues--intergovernmentalExpenditures--human servicesExpenditures--debt principal paymentsFund balance--unassignedFund balance--assignedFund balance--nonspendable | Answer | Answer |
AnswerESTIMATED REVENUESESTIMATED OTHER FINANCING SOURCESAPPROPRIATIONSENCUMBRANCESBUDGETARY FUND BALANCECashOther financing sources--proceeds from bond issueReal estate taxes receivableIntergovernmental fees receivableVouchers payableDeferred revenues--real estate taxesRevenues--real estate taxesRevenues--intergovernmentalExpenditures--human servicesExpenditures--debt principal paymentsFund balance--unassignedFund balance--assignedFund balance--nonspendable | Answer | Answer |
3. | AnswerESTIMATED REVENUESESTIMATED OTHER FINANCING SOURCESAPPROPRIATIONSENCUMBRANCESBUDGETARY FUND BALANCECashOther financing sources--proceeds from bond issueReal estate taxes receivableIntergovernmental fees receivableVouchers payableDeferred revenues--real estate taxesRevenues--real estate taxesRevenues--intergovernmentalExpenditures--human servicesExpenditures--debt principal paymentsFund balance--unassignedFund balance--assignedFund balance--nonspendable | Answer | Answer |
AnswerESTIMATED REVENUESESTIMATED OTHER FINANCING SOURCESAPPROPRIATIONSENCUMBRANCESBUDGETARY FUND BALANCECashOther financing sources--proceeds from bond issueReal estate taxes receivableIntergovernmental fees receivableVouchers payableDeferred revenues--real estate taxesRevenues--real estate taxesRevenues--intergovernmentalExpenditures--human servicesExpenditures--debt principal paymentsFund balance--unassignedFund balance--assignedFund balance--nonspendable | Answer | Answer |
c. The City issues purchase invoices totaling $78,508 (record the issuance of invoices as a lump sum).
Description | Debit | Credit |
---|---|---|
AnswerESTIMATED REVENUESESTIMATED OTHER FINANCING SOURCESAPPROPRIATIONSENCUMBRANCESBUDGETARY FUND BALANCECashOther financing sources--proceeds from bond issueReal estate taxes receivableIntergovernmental fees receivableVouchers payableDeferred revenues--real estate taxesRevenues--real estate taxesRevenues--intergovernmentalExpenditures--human servicesExpenditures--debt principal paymentsFund balance--unassignedFund balance--assignedFund balance--nonspendable | Answer | Answer |
AnswerESTIMATED REVENUESESTIMATED OTHER FINANCING SOURCESAPPROPRIATIONSENCUMBRANCESBUDGETARY FUND BALANCECashOther financing sources--proceeds from bond issueReal estate taxes receivableIntergovernmental fees receivableVouchers payableDeferred revenues--real estate taxesRevenues--real estate taxesRevenues--intergovernmentalExpenditures--human servicesExpenditures--debt principal paymentsFund balance--unassignedFund balance--assignedFund balance--nonspendable | Answer | Answer |
d. The City recognizes the following expenditures, all on account (these expenditures were previously reserved as budgetary
encumbrances):
Expenditures--General Government | 11,876 |
Expenditures--Public Safety | 8,051 |
Expenditures--Education | 46,305 |
Expenditures--Public Works | 4,225 |
Expenditures--Human Services | 8,051 |
Description | Debit | Credit |
---|---|---|
BUDGETARY FUND BALANCE | Answer | Answer |
ENCUMBRANCES | Answer | Answer |
To reverse previous entry. | ||
Expenditures--general government | Answer | Answer |
Expenditures--public safety | Answer | Answer |
Expenditures--education | Answer | Answer |
Expenditures--public works | Answer | Answer |
AnswerESTIMATED REVENUESESTIMATED OTHER FINANCING SOURCESAPPROPRIATIONSENCUMBRANCESBUDGETARY FUND BALANCECashOther financing sources--proceeds from bond issueReal estate taxes receivableIntergovernmental fees receivableVouchers payableDeferred revenues--real estate taxesRevenues--real estate taxesRevenues--intergovernmentalExpenditures--human servicesExpenditures--debt principal paymentsFund balance--unassignedFund balance--assignedFund balance--nonspendable | Answer | Answer |
AnswerESTIMATED REVENUESESTIMATED OTHER FINANCING SOURCESAPPROPRIATIONSENCUMBRANCESBUDGETARY FUND BALANCECashOther financing sources--proceeds from bond issueReal estate taxes receivableIntergovernmental fees receivableVouchers payableDeferred revenues--real estate taxesRevenues--real estate taxesRevenues--intergovernmentalExpenditures--human servicesExpenditures--debt principal paymentsFund balance--unassignedFund balance--assignedFund balance--nonspendable | Answer | Answer |
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