Question

Prepare journal entries to record the following transactions and events affecting the General Fund of the Village of Kowitt Gorge during fiscal 2013.
1. The annual budget was adopted as follows:
Estimated Revenues
Property taxes........... $ 1,600,000
Fines and forfeits........... 150,000
Intergovernmental........... 475,000
.................. $ 2,225,000
Appropriations
General government........ $ 210,000
Public safety ........... 1,580,000
Streets .............. 395,000
................. $ 2,185,000
2. Purchase orders were issued for supplies with the following estimated costs:
General government........ $ 210,000
Public safety............. 1,450,000
Streets.............. 395,000
................. $ 2,055,000
3. Revenues were received in cash as follows:
Property taxes ............ $ 855,000
Fines and forfeits .......... 117,000
Intergovernmental......... 295,000
................. $ 1,267,000
4. Items on order were received and accepted, and vouchers were prepared, as follows. ( Amounts shown as “ Estimated” are the purchase order amounts; amounts shown as “ Actual” are the approved invoice amounts.)


5. The Kowitt Gorge village council revised the budget, reducing the public safety appropriation by $ 120,000 and increasing the streets appropriation by a similar amount.
6. Additional revenues were received in cash as follows:
Property taxes.......... $ 742,000
Fines and forfeits .......... 37,000
Intergovernmental.......... 181,000
................. $ 960,000
7. Items on order were received and accepted, and vouchers were prepared, asfollows:


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  • CreatedDecember 30, 2014
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