Exam 2 Solutions - Exam 2 Solutions Problem 1 B. Estimated...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Exam 2 Solutions Problem 1 B. Estimated Revenues ....................................950,000 Appropriations .................................... 940,000 Unreserved Fund Balance .................................... 10,000 To record adoption of the budget. Revenues Ledger (Estimated Revenues) : Property Taxes ....................................500,000 Sales Taxes ....................................200,000 Federal Grants ....................................100,000 Service Charges ....................................80,000 Fines ....................................50,000 Other .................................... 20,000 950,000 B=Budgetary entry Expenditures Ledger (Appropriations) : Manager ..................................................................................... 110,000 Commission ................................................................................ 90,000 Roads and Bridges ..................................................................... 400,000 Courts ........................................................................................ 60,000 Sheriff ......................................................................................... 180,000 Jail ............................................................................................. 70,000 Other .......................................................................................... 30,000 940,000 1. Taxes ReceivableCurrent ......................................................... 530,000 Allowance for Uncollectible Current Taxes ........................ 25,000 Revenues ............................................................................. 505,000 To record property tax levy. Revenues Ledger (Revenues) : Property Taxes ........................................................................... 505,000 2. Encumbrances ............................................................................ 270,000 Reserve for Encumbrances ................................................. 270,000 To record encumbrances on purchase orders and contracts. Expenditures Ledger (Encumbrances) : Manager ..................................................................................... 20,000 Roads and Bridges ..................................................................... 200,000 Sheriff ......................................................................................... 40,000 Jail ............................................................................................. 10,000 270,000 3a. Reserve for Encumbrances ........................................................ 270,000 Encumbrances .................................................................... 270,000 To reverse the encumbrance entry. Expenditures Ledger (Encumbrances) : Manager ..................................................................................... 20,000 Roads and Bridges ..................................................................... 200,000 Sheriff .........................................................................................Sheriff ....
View Full Document

Page1 / 6

Exam 2 Solutions - Exam 2 Solutions Problem 1 B. Estimated...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online