Question
The County of Carrier, SC has their budget for their General Fund (GF) formally approved on July 1, 2022. The below information pertains to it:
The County of Carrier, SC has their budget for their General Fund (GF) formally approved on July 1, 2022. The below information pertains to it: Appropriations: General Government 2.450,000 Public Safety Health and Welfare 1,900,000 1.800,000 Public Works 450,000 Total 6,600,000 Estimated Revenues: Taxes 2.600,000 Licenses and Permits 850.000 Fines and Forfeits 1.000.000 Intergovernmental Revenues 2,100,000 6,550,000 Additionally, they will be issuing $1,200,000 in general obligation bonds in the GF and plan on transferring $1,300,000 to the Capital Projects Fund during the 2022-3 fiscal year ending June 30, 2023.
REQUIRED: Prepare the Journal Entry in General Journal form to record the budget for the General Fund of Carrier, SC as of 7/1/2022 including the subsidiary ledgers. 1. On 8/1/22 Carrier orders $6,950 in office supplies for the general government use, 7 work trucks for $74,000 each for Public Safety, 100 radio systems for $100 each for Public Works and $62,500 in medical supplies inventory for Health and Welfare.
REQUIRED: Prepare the journal entries to record the above orders on 8/1/22 in the GF general ledger and the 1. On 8/24/22 Carrier received all of the office supplies for $6,800, 5 work trucks for $71,000 each because of a price decline, 90 radio systems for $110 each because of a price increase and all of the medical supplies.
REQUIRED: Prepare the journal entries to record the receipt of the above goods on 8/24/22 in the GF general Ledger and the subsidiary ledgers.
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