A local government’s budget policy allows open encumbrances to lapse at the end of the year. Its budget for the following year takes the open encumbrances into account, and expenditures resulting from those encumbrances are charged against the following year’s appropriations. Its General Fund has open encumbrances of $ 75,000 at the end of fiscal year 2012. There are no restrictions or commitments on the use of these resources. What journal entry or entries should be made at the end of fiscal 2012? What journal entry or entries should be made at the start of fiscal 2013?
Answer to relevant QuestionsThe following interfund transactions occurred in Becca City’s General Fund during the year ended December 31, 2012. For each transaction, describe its nature (e. g., is it an interfund transfer, an interfund loan, etc), ...Saralisa’s City, which operates on a calendar year basis, obtains 40 percent of its revenues from personal income taxes. Employers are required to withhold taxes from the earnings of city residents and remit them to the ...The commissioners of the Regents Park Commission Special Revenue Fund approved the following budget for calendar year 2012. Assume that the Unassigned fund balance at the beginning of the year was $ 10,000. Also, assume that ...Are capital assets recorded in Capital Projects Funds? Why or why not? What is arbitrage, and what is its significance in government financial management?
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