Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

solution pls i need journal entries, statement of net position, statement revenue expenditure , and budgetary comparidon The following transactions relate to the General Fund

image text in transcribed

solution pls

image text in transcribed

i need journal entries, statement of net position, statement revenue expenditure , and budgetary comparidon

The following transactions relate to the General Fund of Ajman for the year ended December 31, 2020: Beginning balances were: Cash, $300,000; Taxes Receivable, $100,000; Accounts Payable, $150,000; and a credit Fund Balance, $250,000. 1. The budget was passed. Estimated revenues amounted to $3,000,000 and appropriations totaled $2,500,000, and estimated other uses $500,000. 2. Contracts were issued for contracted services in the amount of $800,000. 3. Contracted services were performed relating to $750,000 of the contracts with invoices amounting to $700,000. 4. Taxes were levied in the amount of $2,500,000. All of the taxes are expected to be collected before February 2021. 5. Cash receipts of $1,500,000 for taxes and $500,000 from other revenue. 6. Other expenditures amounted to $1,300,000. 8. Cash of $1,600,000 is paid for accounts payable and $200,000 for other uses. Required: a. Prepare journal entries for the above transactions. b. Prepare a Statement of Revenues, Expenditures, and Changes for the General Fund. c. Prepare a Statement of Net Position for the General Fund assuming there are no restricted or assigned net resources and outstanding encumbrances are committed by contractual obligation. d. Prepare the budgetary comparison schedule and explain the nature of variances. Assignment 1 CLO2 The following transactions relate to the General Fund of Ajman for the year ended December 31, 2020: Beginning balances were: Cash, $300,000; Taxes Receivable, $100,000; Accounts Payable, $150,000; and a credit Fund Balance, $250,000. 1. The budget was passed. Estimated revenues amounted to $3,000,000 and appropriations totaled $2,500,000, and estimated other uses $500,000. 2. Contracts were issued for contracted services in the amount of $800,000. 3. Contracted services were performed relating to $750,000 of the contracts with invoices amounting to $700,000. 4. Taxes were levied in the amount of $2,500,000. All of the taxes are expected to be collected before February 2021. 5. Cash receipts of $1,500,000 for taxes and $500,000 from other revenue. 6. Other expenditures amounted to $1,300,000. 8. Cash of $1,600,000 is paid for accounts payable and $200,000 for other uses. Required: a. Prepare journal entries for the above transactions. b. Prepare a Statement of Revenues, Expenditures, and Changes for the General Fund. c. Prepare a Statement of Net Position for the General Fund assuming there are no restricted or assigned net resources and outstanding encumbrances are committed by contractual obligation. d. Prepare the budgetary comparison schedule and explain the nature of variances

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

A Concise Course On Auditing An Authoritative Text For Stakeholders

Authors: Onyuka Felix McDubus

1st Edition

3844395415, 978-3844395419

More Books

Students also viewed these Accounting questions

Question

Calculate e correct to seven decimal places.

Answered: 1 week ago