Question: For each general fund transaction in items 1 through 12

For each general fund transaction in items 1 through 12, select its appropriate recording next to letters A through O. A letter may be selected once, more than once, or not at all.
1. Made an interfund transfer out to the capital projects fund.
2. Issued approved purchase orders for supplies.
3. Received the above-mentioned supplies whose invoices were approved.
4. Incurred salaries and wages.
5. Transferred cash to establish an internal service fund.
6. Sent tax bills to property owners after city council passed the property tax levy.
7. Collected property taxes for the current year.
8. Recorded appropriations upon adoption of the budget.
9. Recorded estimated revenues upon adoption of the budget.
10. Received excess of estimated inflows over estimated outflows.
11. Received invoices for computer equipment.
12. Received billing from water and sewer fund (enterprise fund) for using city water and sewer.

Recording of Transactions
A. Credit Revenues
B. Debit Expenditures
C. Debit Encumbrances
D. Debit Inventories
E. Debit Interfund Services Provided and Used
F . Credit Budgetary Fund Balance-Unassigned
G. Debit Appropriations Control
H. Credit Property Taxes Receivable-Current
I. Credit Appropriations Control
J. Credit Residual Equity Transfer Out
K. Debit Interfund Transfer Out
L. Credit Interfund Transfer Out
M. Debit Estimated Revenues Control
N. Debit Budgetary Fund Balance-Unassigned
O. Debit Computer Equipment

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  • CreatedMay 23, 2014
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