Question
Prepare journal entries to record the following transactions and events that occurred in Marilyn County during calendar year 2022: 1. The legislature adopted the following
Prepare journal entries to record the following transactions and events that occurred in Marilyn County during calendar year 2022: 1. The legislature adopted the following budget:
Estimated revenues and other sources: | ||
---|---|---|
Property taxes | $1,740,000 | |
Sales taxes | 1,000,000 | |
Use of fund balance | 10,000 | |
Total | $2,750,000 | |
Appropriations: | ||
General governmentsalaries | $420,000 | |
General governmentsupplies | 30,000 | |
Parks departmentsalaries | 2,000,000 | |
Parks departmentplants and supplies | 300,000 | |
Total | $2,750,000 |
2. The Parks department placed PO 2022-1 for shrubbery in the amount of $52,000 and PO 2022-2 for gardening supplies in the amount of $11,000. The orders were charged to the appropriation for Parks departmentplants and supplies. 3. The supplier delivered the shrubbery ordered on PO 2022-1; however, the supplier said he could not deliver some of the shrubs because he no longer carried them. The invoice for $49,000 was approved and forwarded to the comptrollers office for payment; the rest of the order ( $3,000) was cancelled. 4. The supplier delivered the gardening supplies ordered on PO 2022-2. She sent an invoice for $11,200 because some of the items were of a higher quality than ordered. The Parks department accepted the entire delivery and forwarded the invoice for payment. 5. Based on a mid-year review of economy, the finance director concluded that sales tax revenues would be less than the original estimate. As a result, the legislature amended the budget, reducing the sales tax estimate by $50,000 and the Parks departmentplants and supplies appropriation by $35,000.
Note: For transaction 2., combine PO amounts to record journal entry.
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