Following are transactions and events of the General Fund of the City of Springfield for the fiscal

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Following are transactions and events of the General Fund of the City of Springfield for the fiscal year ended December 31, 2020.

7. Fund balance on January 1, 2020, was $753,000. There were no outstanding encumbrances at that date.

a. Record the transactions using appropriate journal entries.

b. Prepare a budgetary comparison schedule for the General Fund.

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Essentials Of Accounting For Governmental And Not-for-Profit Organizations

ISBN: 9781260570175

14th Edition

Authors: Paul Copley

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Question Posted: Mar 29, 2021 07:20 AM

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Following are transactions and events of the General Fund of the City of Springfield for the fiscal

Question:

1. Estimated revenues (legally budgeted) Property taxes $5,641,000 Sales taxes 4,830,000 Licenses and permits 1,500,000 Miscellaneous 500,000 2. Appropriations General government $5,285,000 Culture and recreation 4,210,000 Health and welfare 1,000,000

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Essentials Of Accounting For Governmental And Not-for-Profit Organizations

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