Question

Prepare the revenues and expenditures subsidiary ledgers for the 2013 Village of Kowitt Gorge transactions and events listed in P3- 5. What are the balances for each individual source of revenues after the final transaction? What are the available appropriations for each function after the final transaction?
In P3- 5
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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