The Village of Northern Springs adopted the following general fund budget for the year ended December...
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The Village of Northern Springs adopted the following general fund budget for the year ended December 31, 2021: Revenues: Тахes Permits, licenses, and fees Intergovernmental Total budgeted revenues Appropriations: General government Public safety Community development Culture and recreation Total appropriations $8,100,000 150,000 600,000 $8,850,000 $1,300,000 5,800,000 1,635,000 300,000 $9,035,000 During July, 2021, the governing body of Northern Springs decided to hold a special recreation event, which caused a need for additional police presence. To pay for the additional costs, the Village Trustees made the following adjustments to the original budget: o the appropriation for salaries in the police department was increased S27,000; o the appropriation for commodities in the culture and recreation budget was increased S15,000; and o because the event required a special permit, the Village Trustees increased the estimated revenues from permits, licenses, and fees by S29,000. Required (explanations are not needed for journal entries): Prepare the journal entry to record the original budget. Prepare the journal entry to record the adjustments to the budget. The Village of Northern Springs adopted the following general fund budget for the year ended December 31, 2021: Revenues: Тахes Permits, licenses, and fees Intergovernmental Total budgeted revenues Appropriations: General government Public safety Community development Culture and recreation Total appropriations $8,100,000 150,000 600,000 $8,850,000 $1,300,000 5,800,000 1,635,000 300,000 $9,035,000 During July, 2021, the governing body of Northern Springs decided to hold a special recreation event, which caused a need for additional police presence. To pay for the additional costs, the Village Trustees made the following adjustments to the original budget: o the appropriation for salaries in the police department was increased S27,000; o the appropriation for commodities in the culture and recreation budget was increased S15,000; and o because the event required a special permit, the Village Trustees increased the estimated revenues from permits, licenses, and fees by S29,000. Required (explanations are not needed for journal entries): Prepare the journal entry to record the original budget. Prepare the journal entry to record the adjustments to the budget.
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Answer rating: 100% (QA)
1 Journal entry to record the original budget SNo Particulars Debit Credit 1 Taxes receivable 810000... View the full answer
Related Book For
Principles of Managerial Finance
ISBN: 978-0133507690
14th edition
Authors: Lawrence J. Gitman, Chad J. Zutter
Posted Date:
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