Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

THIS IS THE 3RD TIME I ASKED THE SAME QUESTION: Can you please use the correct format and language and answer all questions. many thanks

THIS IS THE 3RD TIME I ASKED THE SAME QUESTION: Can you please use the correct format and language and answer all questions. many thanks for your help.

This questions are related to my previous question regarding the Town of Bedford Falls. I need to get answer for each question under the correct format and use the following language:

- No Jounrnal Entry Required; Appropriations; Budgetary Fund Balance; Cash; Encumbrances, Encumbrances Outstanding; Estimated Revenues; Expenditures; Fund Balance-Unassigned; Revenues; Vouchers Payable.

2)Revenues were collected in cash amounting to $31,000 for licenses and permits and $12,000 for fines and forfeits.(see above)

date

General Journal

Debit

Credit

3)Record the issuance of the purchase orders and contracts (see above)

date

General Journal

debit

Credit

5) Record the cash paid for expenses

date

General Journal

debit

Credit

A) Please Use this Format for Revenue Ledger

B) Please use this FORMAT and Language for Appropriations, Expenditures and Encumbrances Ledger

here are more info

The Town of Bedford Falls approved a General Fund operating budget for the fiscal year ending June 30, 2017. The budget provides for estimated revenues of $2,700,000 as follows: property taxes, $1,900,000; licenses and permits, $350,000; fines and forfeits, $250,000; and intergovernmental (state grants), $200,000. The budget approved appropriations of $2,650,000 as follows: General Government, $500,000; Public Safety, $1,600,000; Public Works, $350,000; Culture and Recreation, $150,000; and Miscellaneous, $50,000.

Required
a&b.

Prepare the journal entry (or entries), to record the Town of Bedford Fallss General Fund operating budget on July 1, 2016, the beginning of the Towns 2017 fiscal year and also record the following transactions that occurred during the month of July 2016. Also show entries in the subsidiary ledger accounts, to record the Town of Bedford Fallss General Fund operating budget on July 1, 2016, the beginning of the Towns 2017 fiscal year. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Revenues were collected in cash amounting to $31,000 for licenses and permits and $12,000 for fines and forfeits.

2.

Supplies were ordered by the following functions in early July 2016 at the estimated costs shown:

General Government $ 7,400
Public Safety 11,300
Public Works 6,100
Culture and Recreation 4,200
Miscellaneous 900
Total $ 29,900
3.

During July 2016, supplies were received at the actual costs shown below and were paid in cash. General Government, Culture and Recreation, and Miscellaneous received all supplies ordered. Public Safety and Public Works received part of the supplies ordered earlier in the month at estimated costs of $10,700 and $5,900, respectively.

Actual Cost Estimated Cost
General Government $ 7,300 $ 7,400
Public Safety 10,800 10,700
Public Works 6,100 5,900
Culture and Recreation 4,100 4,200
Miscellaneous 900 900
Total $ 29,200 $ 29,100

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

Contemporary Auditing Real Issues And Cases

Authors: Michael C. Knapp

6th Edition

0324303254, 9780324303254

More Books

Students also viewed these Accounting questions

Question

Explain how planes of lattice points are labelled.

Answered: 1 week ago