Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Selected transactions of the City of Miser Station General Fund for the 20X1 fiscal year are presented on the following page. All amounts are
Selected transactions of the City of Miser Station General Fund for the 20X1 fiscal year are presented on the following page. All amounts are in thousands of dollars. Prepare the journal entries for recording the items below. Use the following format: DR: Debit Accounts Names, $ Amounts CR: Credit Accounts Names, $ Amounts 1. The City Council approved the following budget for the fiscal year: Estimated Revenues.. Appropriations....... $20,000 18,900 Of these amounts, $15,000 is for operating expenditures and $12,000 is for property tax revenues. 2. The property tax levy was recorded, $12,000, of which $600 will probably prove uncollectible. 3. Purchase orders were approved and issued for the following: Non-inventory supplies... Police vehicle... $150 20 4. All of the non-inventory supplies on order from entry 3 were received. The actual cost was $155 and payment will be made at a later date. 5. Paid $5,000 to the City Airport Enterprise Fund to provide financing for a major expansion project; $2,000 is not required to be repaid, but $3,000 is to be repaid at the end of five years
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started