Question

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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