Question
The Budgetary Comparison Schedule for the City of Salem appears in Illustration 2-16. Assume the general and subsidiary ledgers for the General Fund were lost
The Budgetary Comparison Schedule for the City of Salem appears in Illustration 2-16. Assume the general and subsidiary ledgers for the General Fund were lost after a water pipe burst. You are charged with reproducing the journal entries that took place during the year ended December 31, 2017. Use the Excel file provided to prepare summary journal entries, including the subsidiary ledger entries, for the following events.
(a) Record the original budget
(b) Record the revisions to the budget
(c) Record the actual revenues
(d) Record the encumbrances, assuming all expenditures originated as encumbrances and the encumbrance and expenditure are equal in amount.
(e) Record the actual expenditures and reversal of the associated encumbrance.
General Ledger | Subsidiary Ledger | |||
a. Record the original budget | Debits | Credits | Debits | Credits |
Account Titles in this column |
General Ledger | Subsidiary Ledger | |||
b. Record the budget revisions | Debits | Credits | Debits | Credits |
General Ledger | Subsidiary Ledger | |||
c. Record the Actual Revenues | Debits | Credits | Debits | Credits |
General Ledger | Subsidiary Ledger | |||
d. Record the encumbrances | Debits | Credits | Debits | Credits |
General Ledger | Subsidiary Ledger | |||
e. Record the actual expenditures and Encumbrance Reversals | Debits | Credits | Debits | Credits |
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