P4-5 (GL and SL Entries) Prepare in proper form the journal entries (budgetary and actual) to record the following transactions and events in the general ledger, revenues ledger, and expenditures ledger of a special revenue fund of a local independent school district. Identify whether each general ledger entry is budgetary or actual in nature.

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p4-5 (GL and SL Entries) Prepare in proper form the journal entries (budgetary and actual) to record the following transactions and events in the general ledger, revenues ledger, and expenditures ledger of a special revenue fund of a local independent school district. Identify whether each general ledger entry is budgetary or actual in nature. 1. The annual operating budget (GAAP basis) provides for Estimated Revenues: State appropriation................................................$500,000 Property taxes...........................................................300,000 Other...........................................................................100,000 $900,000 Appropriations: Administration........................................................$100,000 Instruction..................................................................750,000 Other...........................................................................40,000 $890,000 2. Purchase orders and contracts for goods and services were approved at estimated costs of Administration.............................................................$15,000 Instruction.....................................................................60,000 Other..............................................................................20,000 $95,000 3. Property taxes were levied, $320,000, of which $15,000 are estimates to be uncollectible. 4. Most of the goods and services ordered in transaction 2 arrived and the invoices were approved and vouchered for payment: Encumbered For Administration.............................................................$15,000 Instruction.....................................................................60,000 Other..............................................................................20,000 $75,000 Actual Cost 14,800 40,000 20,300 $75,100 5. Cash receipts and year end revenue accruals were Cash Receipts State appropriation....................................................$460,000 Current property taxes...............................................290,000 Delinquent property taxes...........................................15,000 Acrued revenue receivable (beginning)......................30,000 Other................................................................................41,000 $836,000 Year-End Accrued Receivable $38,000 2,000 $40,000 6. Cash disbursements, including payment of payroll and other unencumbered expenditures, and year end expenditure accruals were Cash Receipts Administration............................................................$84,000 Instruction....................................................................700,000 Other..............................................................................20,000 Accrued expenditures payable (beginning) .............30,000 $834,000 Year-End Accrued Payables $1,000 8,000 -______ $9,000 7. Interfund transfers were ordered (not yet paid) as follows: A. $25,000 to the Debt Services Fund to be used to pay general long-term debt principal and interest, and B. $40,000 from an Internal Services Fund that is being discontinued. 8. It was discovered that $1,500 charged to Instruction (in transaction6) should be charged to Transportation, which is financed through the General Fund.