The budgeted and actual revenues and expenditures of Seaside Township for a recent year (in millions) were
Question:
The budgeted and actual revenues and expenditures of Seaside Township for a recent year (in millions) were as presented in the schedule that follows.
1. Prepare journal entries to record the budget.
2. Prepare journal entries to record the actual revenues and expenditures. Assume all transactions resulted in increases or decreases in cash.
3. Prepare journal entries to close the accounts.
4. Determine the net change in fund balance. Does it equal the net change in actual revenues andexpenditures?
Budget Actual Revenues Property taxes Sales taxes Other revenues Total revenues 7.5 7.6 1.6 $11.2 $11.5 6.2 6.1 Wages and salaries Supplies Other expenditures Total expenditures Increase in fund balance $10.6 $10.3 0.6 S 1.2
Step by Step Answer:
1 Budgetary entries Estimated revenues x property taxes 75 Estimated revenues x sales taxes 21 Estimated revenues x other 16 Fund balance 112 To recor...View the full answer
Government and Not for Profit Accounting Concepts and Practices
ISBN: 978-1118155974
6th edition
Authors: Michael H. Granof, Saleha B. Khumawala
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A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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