Prepare budgetary entries, using general ledger control accounts only, for each of the following unrelated situations:...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Prepare budgetary entries, using general ledger control accounts only, for each of the following unrelated situations: (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in whole dollars not in millions (i.e., 1,000,000 not 1.0).) a. Anticipated revenues are $10.8 million; anticipated expenditures and encumbrances are $9.4 million. b. Anticipated revenues are $9.7 million; anticipated expenditures and encumbrances are $10.1 million. c. Anticipated revenues are $10.2 million; anticipated transfers from other funds are $1.3 million; anticipated expenditures and encumbrances are $9.7 million; anticipated transfers to other funds are $0.9 million. d. Anticipated revenues are $9.9 million; anticipated transfers from other funds are $1.1 million; anticipated expenditures and encumbrances are $10 million; anticipated transfers to other funds are $1.1 million. A No Answer is not complete. Event General Journal a. Estimated Revenues Control Debit 10,800,000 Credit Appropriations Control Budgetary Fund Balance 9,400,000 1,400,000 B b. Estimated Revenues Control Appropriations Control Budgetary Fund Balance C. Estimated Revenues Control Estimated Other Financing Sources Control Appropriations Control Estimated Other Financing Uses Control Budgetary Fund Balance 9,700,000 10,100,000 400,000 10,200,000 1,300,000 9,700,000 900,000 900 X D d. Estimated Revenues Control 9,900,000 Estimated Other Financing Sources Control 1,100,000 Budgetary Fund Balance 300,000 Appropriations Control Estimated Other Financing Uses Control 10,000,000 1,300,000 x Prepare budgetary entries, using general ledger control accounts only, for each of the following unrelated situations: (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in whole dollars not in millions (i.e., 1,000,000 not 1.0).) a. Anticipated revenues are $10.8 million; anticipated expenditures and encumbrances are $9.4 million. b. Anticipated revenues are $9.7 million; anticipated expenditures and encumbrances are $10.1 million. c. Anticipated revenues are $10.2 million; anticipated transfers from other funds are $1.3 million; anticipated expenditures and encumbrances are $9.7 million; anticipated transfers to other funds are $0.9 million. d. Anticipated revenues are $9.9 million; anticipated transfers from other funds are $1.1 million; anticipated expenditures and encumbrances are $10 million; anticipated transfers to other funds are $1.1 million. A No Answer is not complete. Event General Journal a. Estimated Revenues Control Debit 10,800,000 Credit Appropriations Control Budgetary Fund Balance 9,400,000 1,400,000 B b. Estimated Revenues Control Appropriations Control Budgetary Fund Balance C. Estimated Revenues Control Estimated Other Financing Sources Control Appropriations Control Estimated Other Financing Uses Control Budgetary Fund Balance 9,700,000 10,100,000 400,000 10,200,000 1,300,000 9,700,000 900,000 900 X D d. Estimated Revenues Control 9,900,000 Estimated Other Financing Sources Control 1,100,000 Budgetary Fund Balance 300,000 Appropriations Control Estimated Other Financing Uses Control 10,000,000 1,300,000 x
Expert Answer:
Answer rating: 100% (QA)
The budgetary entries using general ledger control accounts for each situation are as follows b ... View the full answer
Related Book For
Essentials of Accounting for Governmental and Not for Profit Organizations
ISBN: 978-1259741012
13th edition
Authors: Paul A. Copley
Posted Date:
Students also viewed these accounting questions
-
With all this information, what type of pilot careers will you be pursuing knowing all the information regarding the ATP and why?
-
Question: Old MathJax webview Old MathJax webview i need ans of these question but the source is alot Old MathJax webviewOld MathJax webview i need ans of these question but the source is alot these...
-
CANMNMM January of this year. (a) Each item will be held in a record. Describe all the data structures that must refer to these records to implement the required functionality. Describe all the...
-
The following Excel output summarizes the results of an analysis of variance experiment in which the treatments were three different hybrid cars and the variable measured was the miles per gallon...
-
Based on their activation energies and energy changes and assuming that all collision factors are the same, which of the following reactions would be fastest and which would be slowest? Explain your...
-
Determine the ending inventory assuming the company uses the weighted average cost flow method. a. \(\$ 2,300\) b. \(\$ 3,300\) c. \(\$ 9,800\) d. \(\$ 2,976\) Inventory data for Newman & Frith...
-
Distinguish between depreciation, depletion, and amortization.
-
Figure shows a probability-impact (or risk mapping) matrix that is frequently used as part of the risk analysis prioritization process. Here, ordinal probability-of-occurrence and...
-
Good Morning Dr.Ramsey Please assist me with my discussion this week ( min 150 words). Advanced Time Value of Money An advertised monthly lending rate of 0.9% is about 11% per year. This difference...
-
The comparative balance sheet of Olson-Jones Industries Inc. for December 31, 20Y2 and 20Y1, is as follows: The following additional information is taken from the records: A. Land was sold for $120....
-
Among the 18 antique chairs for sale at an antique show, 15 are genuine, and 3 are reproductions. If 3 chairs are randomly selected for consideration by a prospective purchaser, find the separate...
-
Shariq Malouf is close to being hired for a job he really wants. The position is a project manager in the IT department of a large corporation. He is on his third interview with Alicia Rhodes, who...
-
You just turned 28 years old today, have just received your MBA from the University of Maryland, and have accepted a new job making significantly more money. You have decided to put $15,000 per year...
-
Timothy and Janet are contemplating to buy some stock in Cherryville Inc. Cherryville's stock will go ex-dividend in two days' time. The current share price is $35 per share and the dividend declared...
-
Question 1 : 02/DevelopmentalMilestonesEYLFandNQS.pdf research the 5 areas of development in early access the following link https://www.acecqa.gov.au/sites/default/files/2018- childhood and write...
-
Do you want to buy a new Sports coop for 84,600 and the finance officer at dealership has quoted you an APR 7.1% compounded monthly for 72 months. How much interest will you pay over the life of the...
-
Preston owns ?25% of Baldwin Corporation stock in which he has a $275,000 adjusted basis. Requirement For each? situation, what amount of? gain/loss will report in the current? year? In the...
-
Refer to the situation described inBE 18-13, but assume a 2-for-1 stock split instead of the 5% stock dividend. Prepare the journal entry to record the stock split if it is to be effected in the form...
-
What will the Railway's operating income be if they sell 1,001 tickets in one month? a. \(\$ 50\) b. \(\$ 10\) c. \(\$ 60\) d. \(\$ 60,060\)
-
If the Grand Canyon Railway expects to serve 1,200 passengers next month, what is the margin of safety? a. 200 passengers b. 1,000 passengers c. 1,200 passengers d. 2,200 passengers
-
Compute the breakeven point in sales dollars. a. \(\$ 300,000\) b. \(\$ 60,000\) c. \(\$ 50,000\) d. \(\$ 100,000\)
Study smarter with the SolutionInn App