Question
This is in regard to the City of Bingham 17th edition chapter 4. [Para. 4-a-10] Invoices for some of goods and services ordered in transaction
This is in regard to the City of Bingham 17th edition chapter 4.
[Para. 4-a-10] Invoices for some of goods and services ordered in transaction 4-a-3 were received and vouchered for later payment. (Select Elimination in the drop down [Transaction Description] menu in the Detail Journal):
Actual Estimated
General Government $ 395,940 $ 394,060
Public Safety 1,086,650 1,088,600
Public Works 922,300 927,620
Health and Welfare 661,200 663,600
Culture and Recreation 593,750 597,000
Miscellaneous 138,000 138,000
Totals $3,797,840 $3,808,880
Required: Record the receipt of these goods and the related vouchers payable in both the General Fund and governmental activities journals. At the government-wide level, you should assume the city uses the periodic inventory method. Thus, the invoiced amounts above should be recorded as expenses of the appropriate functions, except for $72,500 of playground equipment ordered by Culture and Recreation. The equipment meets the citys threshold for capitalization (debit Equipment for this item at the government-wide level). Expenditures charged to the miscellaneous appropriation should be recorded in this case as General Government expenses at the government-wide level.
[Para. 4-a-3] Purchase orders, contracts, and other commitment documents were issued in the following amounts for the following functions:
General Government $ 395,000
Public Safety 1,095,000
Public Works 945,750
Health and Welfare 665,725
Culture and Recreation 625,125
Miscellaneous 138,000
Total $3,864,600
Required: Record the encumbrances in the General Fund general journal and Detail Journal as appropriate. In the Detail Journal, select Purchase Orders from the drop down [Transaction Description] menu. You can also type in an alternative description, if desired.
I need assistance with 4-a-10 and have provided 4-a-3 for reference.
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