Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Recording the adopted budget Estimated Revenues 500 Appropriations Police services 450 Appropriations Police other 40 Fund Balance 10 Buy something in a 4 profit Get

image text in transcribed

Recording the adopted budget Estimated Revenues 500 Appropriations Police services 450 Appropriations Police other 40 Fund Balance 10 Buy something in a 4 profit Get a PO for the purchase 120 materials Record nothing Receive the stuff: Materials 120 AP 120 Buy something in a non profit Get a PO for the purchase 120 materials Encumbrances 120 Reserved FB for encumbrances 120 Receive the stuff: Expenditures 120 Vouchers Payable 120 Reserved FB for encumbrances 120 Encumbrances 120

Tax Levied Property Taxes Receivable Revenues Property Taxes Receive the tax remittance Cash Property Taxes Receivable Tax bills are mailed out: Taxes Receivable 35,000,000 Revenues 34,500,000 Allow for uncoll 500,000 Collected property taxes: Cash 444 Taxes Receivable 444 Payroll was approved and recorded: Wages Expenditures 350 Vouchers Payable 350 Pay the workers: Vouchers Payable 350 Cash 350 Interest and Penalties are billed against RE taxpayers who are delinquent Interest and Penalties Receivable 20,000 = Revenues 20,000

Taxes collected in advance 40k Cash 40,000 Taxes Collected in Advance 40,000 Time passes and taxes (from above) are due Taxes Collected in Advance 40,000 Tax Revenues 40,000 Governmental Funds: General Fund, Special Revenue Fund, Debt Service Fund, Capital Projects fund Proprietary Funds: Enterprise Internal Service funds Account Groups General Fixed Asset Account Group General LT Debt Group The CAFR consists of three sections: Introductory, Financial and Statistical. The Introductory section orients and guides the reader through the report. The Financial section presents the entity's basic financial statements as well as notes to the statements and the independent auditors' report.

200M Press Esc to exit fullscreen Type your name here Record the original budget Cred Debits Credits bits Record the budget wions Frisbedaryder Recorde Actual events SC Deb C Record the neces Debit Ce Debes Credits Record the actual expenditures and encumbrance Reversal expenditures Control Debt Credo 200M Press Esc to exit fullscreen Type your name here Record the original budget Cred Debits Credits bits Record the budget wions Frisbedaryder Recorde Actual events SC Deb C Record the neces Debit Ce Debes Credits Record the actual expenditures and encumbrance Reversal expenditures Control Debt Credo

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting In Emerging Economies

Authors: Mathew Tsamenyi

1st Edition

1849506256, 9781849506250

More Books

Students also viewed these Accounting questions

Question

When will n(A B) = 0? Explain and give an example.

Answered: 1 week ago

Question

Differentiate tan(7x+9x-2.5)

Answered: 1 week ago

Question

Explain the sources of recruitment.

Answered: 1 week ago

Question

Differentiate sin(5x+2)

Answered: 1 week ago

Question

Compute the derivative f(x)=1/ax+bx

Answered: 1 week ago

Question

Did you include SEC required financial data?

Answered: 1 week ago