18-19 - P18-19 Recording Entries in Various Funds [AICPA...

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Recording Entries in Various Funds [AICPA Adapted] 1. Entries made in the capital projects fund for 20X8: Cash 800,000 Other Financing Sources – Bond Issue 800,000 Issued $800,000 of bonds at their face value. ENCUMBRANCES 750,000 BUDGETARY FUND BALANCE – RESERVED FOR ENCUMBRANCES 750,000 Contractor’s bid is accepted. BUDGETARY FUND BALANCE – RESERVED FOR ENCUMBRANCES 250,000 ENCUMBRANCES 250,000 One-third of the project was completed during 20X8. Expenditures 246,000 Contracts Payable 246,000 Actual construction cost incurred in 20X8. 2. Entries made in the special revenue fund for 20X8: ESTIMATED REVENUES CONTROL 112,000 APPROPRIATIONS CONTROL 108,000 BUDGETARY FUND BALANCE – UNRESERVED 4,000 Record the budget for 20X8. Cash 109,000 Revenues 109,000 Collected hotel room taxes. Expenditures 103,000 Vouchers Payable 103,000 Incurred expenditures for general promotion and motor vehicle. Vouchers Payable
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This note was uploaded on 04/18/2008 for the course ACCT cost taught by Professor Staff during the Spring '08 term at Oklahoma State.

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18-19 - P18-19 Recording Entries in Various Funds [AICPA...

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