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.

Transcribed Image Text:

Encumbered Actual For Cost $14,800 40,000 20,300 75,000 $75,100 40,000 20,000 Year-End Accrued Receivable S38,000 Cash Receipts $460,000 State appropriation... Delinquent property taxes Accrued revenue receivable (beginning)... Other 15,000 30,000 41,000 $836,000 2,000 $40,000 Year-End Accrued Disbursements Payables . .. 84,000 1,000 8,000 Cash Administration Instruction.... Other. Accrued expenditures payable (beginning).. 700,000 20,000 30,000 $834,000 9,000