Choo Choo, AL's annual budget went into effect on July 1, 2021. The General Fund had...

  

   

 

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Choo Choo, AL's annual budget went into effect on July 1, 2021. The General Fund had an unassigned fund balance of $4,520,000 at June 30, 2021. The General Fund annual budget for FY 2022 (July 1, 2021 to June 30, 2022) included estimated revenues $20,060,000, appropriations of $21,775,000, and estimated other financing sources of $1,500,000 (from the issuance of general obligation bond proceeds to be received in the General Fund during FY 2022). Part I. a Record the journal entry for the annual budget in the General Fund (subsidiary information is not provided): b. How much is the FY 2022 budget deficit or surplus: $ Deficit or Surplus?): c. If the unassigned fund balance at June 30, 2021 was $4,250,000, can Choo Choe, AL adopt the FY 2022 budget? Provide a one-sentence explanation: d. Briefly explain inter-period equity: e. Does the FY 2022 budget meet inter-period equity based on your explanation in part d? Part II. Assume the FY 2022 budget in Part I is adopted for the town of Choo Chee, AL, and that public education purchases 10,000 face masks for its K-12 school system. The masks are N- 95 and have an estimated cost of S2.20 each (S12,200 estimated cost). A purchase order was prepared on July 2, 2021 for this order and was approved by the deputy school superintendent. a. Prepare the July 2, 2021 journal entry in the General Fund to record the issuance of the purchase order for $12,200 (use FY 2022 for encumbrances): On Iuly 13 2021 the invoice for the masks received (on July 9) was received at an actual cost of $6,345. c. Prepare the July 13, 2021 journal entry in the General Fund to record the invoice cost of the order (credit Vouchers Payable): Assume the public education appropriations for FY 2022 are $3,800,000. d. What would be the available appropriations for public education on July 14, 2022, assuming the mask order that was issued, received, and invoice recorded in a through c above are the only transactions recorded for FY 2022 thus far? Show your calculations (well-labeled): Choo Choo, AL's annual budget went into effect on July 1, 2021. The General Fund had an unassigned fund balance of $4,520,000 at June 30, 2021. The General Fund annual budget for FY 2022 (July 1, 2021 to June 30, 2022) included estimated revenues $20,060,000, appropriations of $21,775,000, and estimated other financing sources of $1,500,000 (from the issuance of general obligation bond proceeds to be received in the General Fund during FY 2022). Part I. a Record the journal entry for the annual budget in the General Fund (subsidiary information is not provided): b. How much is the FY 2022 budget deficit or surplus: $ Deficit or Surplus?): c. If the unassigned fund balance at June 30, 2021 was $4,250,000, can Choo Choe, AL adopt the FY 2022 budget? Provide a one-sentence explanation: d. Briefly explain inter-period equity: e. Does the FY 2022 budget meet inter-period equity based on your explanation in part d? Part II. Assume the FY 2022 budget in Part I is adopted for the town of Choo Chee, AL, and that public education purchases 10,000 face masks for its K-12 school system. The masks are N- 95 and have an estimated cost of S2.20 each (S12,200 estimated cost). A purchase order was prepared on July 2, 2021 for this order and was approved by the deputy school superintendent. a. Prepare the July 2, 2021 journal entry in the General Fund to record the issuance of the purchase order for $12,200 (use FY 2022 for encumbrances): On Iuly 13 2021 the invoice for the masks received (on July 9) was received at an actual cost of $6,345. c. Prepare the July 13, 2021 journal entry in the General Fund to record the invoice cost of the order (credit Vouchers Payable): Assume the public education appropriations for FY 2022 are $3,800,000. d. What would be the available appropriations for public education on July 14, 2022, assuming the mask order that was issued, received, and invoice recorded in a through c above are the only transactions recorded for FY 2022 thus far? Show your calculations (well-labeled):

Answer rating: 100% (QA)

Solution Parti A journal budget for preparing annual budget for 2022 in the general fund Date Particulars Debit Credit 1july2021 Estimated revenuedr 2... View the full answer