The printout of the Revenues and Appropriations subsidiary ledger accounts for the General Fund of the City

Question:

The printout of the Revenues and Appropriations subsidiary ledger accounts for the General Fund of the City of Augusta for the first quarter of the fiscal year appeared as follows:

REVENUES LEDGER Est. Revenues Revenues Balance Dr(Cr) Account Ref. Account Title Cr(Dr) Dr(Cr) 3/4020 Taxes-Real PropertAPPROPRIATIONS LEDGER Encumbrances Encumbrances Encumbrances Expenditures Account/ Increase Decrease Balance Expenditure


Required
Assuming that this printout is correct in all details and that there are no other General Fund revenue or expenditure transactions, answer the following questions. Show all necessary computations in good form.
a. What were the original approved budget amounts for Estimated Revenues and for Appropriations?
b. (1) Was the budget adjusted during the year?
(2) If so, which accounts if any were adjusted and by how much?
(3) In total, has Budgetary Fund Balance increased, decreased, or remained the same during the first fiscal quarter?
c. (1) What are the current balances of the Estimated Revenues and Appropriations control accounts?
(2) What are the current balances of the Revenues, Encumbrances, and Expenditures control accounts?
(3) What do these balances indicate?

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Accounting for Governmental and Nonprofit Entities

ISBN: 978-1259917059

18th edition

Authors: Jacqueline L. Reck, James E. Rooks, Suzanne Lowensohn, Daniel Neely

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