Ch._03_Budgetary Entries-HW Solution

Ch._03_Budgetary Entries-HW Solution - $ 6 M Estimated...

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Illustrative Budgetary Entries 1. A municipality gives recognition to the adoption of its general fund budget. Estimated total revenues are $706 million and appropriated total expenditures are $700 million. Estimated revenues $706M Appropriations $700M Budgetary Fund Balance 6M 2. It records revenues and expenditures during the year – all in cash and all as estimated. Cash $706M Revenues $706M Expenditures $700M Cash $700M 3. It makes year-end closing entries. Appropriations $700 M Budgetary Fund Balance
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Unformatted text preview: $ 6 M Estimated Revenues $706 M Revenues $706 Expenditures $700 M Fund Balance $ 6 M 4. It records revenues and expenditures assuming instead that actual revenues were $702 million and actual expenditures were $670 million. Cash $702M Revenues $702M Expenditures $670M Cash $670M 5. It makes year-end closing entries. Appropriations $700 M Budgetary Fund Balance $ 6 M Estimated Revenues $706 M Revenues $702 Expenditures $670 M Fund balance $ 32 M Chapter 3...
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This note was uploaded on 09/19/2011 for the course ACCT 504 taught by Professor Staff during the Spring '11 term at S.F. State.

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