p4-5 (GL and SL Entries) Prepare in proper form the journal entries (budgetary and actual) to

record the following transacTons and events in the general ledger, revenues ledger, and

expenditures ledger of a special revenue fund of a local independent school district.

IdenTfy

whether each general ledger entry is budgetary or actual in nature.

1.

he annual operaTng budget (GAAP basis) provides for

EsTmated Revenues:

State appropriaTon................................................$500,000

Property taxes..........................................................

.300,000

Other...........................................................................100,000

$900,000

AppropriaTons:

AdministraTon.......

.................................................$100,000

InstrucTon.................................................................

.750,000

Other...........................................................................40,000

$890,000

2.

Purchase orders and contracts for goods and services were approved at esTmated costs of

AdministraTon.............................................................$15,000

InstrucTon...................................................................

..60,000

Other..............................................................................20,000

$95,000

3.

Property taxes were levied, $320,000, of which $15,000 are esTmates to be uncollecTble.

4.

Most of the goods and services ordered in transacTon 2 arrived and the invoices were

approved and vouchered for payment:

Encumbered

Actual

For

Cost

AdministraTon.............................................................$15,000

14,800

InstrucTon...................................................................

..60,000

40,000

Other..............................................................................20,000

20,300

$75,000

$75,100

5.

Cash receipts and year end revenue accruals were

Year-End

Cash

Accrued

Receipts

Receivable

State appropriaTon....................................................$460,000

$38,000

Current property taxes..............................................

.290,000

-

Delinquent property taxes...........................................15,000

-

Acrued revenue receivable (beginning)......................30,000

-

Other................................................................................41,000

2,000

$836,000

$40,000