Question: Prepare in proper form the journal entries budgetary and actual

Prepare in proper form the journal entries (budgetary and actual) to record the following transactions and events in the General Ledger, Revenues Ledger, and Expenditures Ledger of a Special Revenue Fund of a local independent school district. Identify whether each General Ledger entry is budgetary or actual in nature.
1. The annual operating budget (GAAP basis) provides for
Estimated Revenues:
State appropriation . . . . . . . . . . . . . . . . . . . . . . . . . . $500,000
Property taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300,000
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000
  $900,000
Appropriations:
Administration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $100,000
Instruction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 750,000
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,000
  $ 890,000
2. Purchase orders and contracts for goods and services were approved at estimated costs of
Administration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $15,000
Instruction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60,000
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,000
  $95,000
3. Property taxes were levied, $320,000, of which $15,000 are estimated to be uncollectible.
4. Most of the goods and services ordered in transaction 2 arrived and the invoices were approved and vouchered for payment:


5. Cash receipts and year-end revenue accruals were


6. Cash disbursements, including payment of payroll and other unencumbered expenditures, and year-end expenditure accruals were


7. Interfund transfers were ordered (not yet paid) as follows: (a) $25,000 to the Debt Service Fund to be used to pay general long-term debt principal and interest, and (b) $40,000 from an Internal Service Fund that is being discontinued.
8. It was discovered that $1,500 charged to Instruction (in transaction 6) should be charged to Transportation, which is financed through the GeneralFund.


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  • CreatedOctober 25, 2014
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