Option #1: Budgets Journal Entries

Instructions:

Provide complete answers to the following two problems:

Prepare the General Ledger journal entries for the General Fund for the Village of Bath for the year ended December 31, 2017.

The budget was formally adopted. Estimated revenues are $3,250,000 and appropriations are estimated to be $3,204,500.

Revenues were received in the amount of $3,256,500.

Purchase orders were issued in the amount of $1,690,000.

Purchase orders were filled in the amount of $1,436,500. The invoice amount was $1,443,000.

Expenditures, not encumbered, amounted to $1,352,000. (not yet paid)

Amounts from d and e are paid.