Question: If the city projects a $428,000 decrease in the sales tax revenues originally budgeted, how would the change in the projection be recorded? Debits Credits

If the city projects a $428,000 decrease in the sales tax revenues originally budgeted, how would the change in the projection be recorded?

Debits

Credits

a.

Not recorded because it is a projection and not yet known.

b.

Estimated Revenue

428,000

Budgetary Fund Balance

428,000

c.

Budgetary Fund Balance

428,000

Estimated Revenue

428,000

d.

Revenue

428,000

Fund Revenue

428,000

Step by Step Solution

★★★★★

3.48 Rating (155 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

In 2013, Grand City established a special revenue fund to account for acquisitions of wildlife by the city zoo. Financing for the project includes: Federal grant $ 900,000 General fund transfers...

Q:

The General Fund trial balance of the City of Cordes as of January 1, 2012, was as follows: The following data pertain to General Fund operations for the City of Cordes for the fiscal year ended...

Q:

The trial balance for the General Fund of the City of Monte Vista as of December 31, 2012, is presented here: .:. Transactions of the General Fund for the year ended December 31, 2013, are...

Q:

If the city projects a $428,000 decrease in the sales tax revenues originally budgeted, how would the change in the projection be recorded? a. Not recorded because it is a projection and not yet...

Q:

General Fund Adjustments. The City of Allenton has engaged you to examine its June 20, 2011, financial statements. You are the first CPA ever engaged by the city and you find that the citys...

Q:

You have a receipt for a purchase that shows the total amount of the purchase to be $318.97. The sales tax rate is 8.25%. How much of the $318.97 is the cost of the item and how much is sales tax?

Q:

Operating Transactions, Special Topics, and Financial Statements. The City of Ashland's General Fund had the following post-closing trial balance at April 30, 2010, the end of its fiscal year: During...

Q:

Addison Parker, single and age 32, lives at 3218 Columbia Drive, Spokane, WA 99210. She is employed as regional sales manager by VITA Corporation, a manufacturer and distributor of vitamins and food...

Q:

Presented here is the total column of the governmental funds balance sheet of Ravenscroft County, lowa, for the year ended December 31, 20X9. 1. Both the deferred capital grant and the deferred tax...

Q:

(CPA Examination question on activities of a General Fund) The General Fund trial balance of the City of Solna at December 31, 2004, was as follows: Collectible delinquent taxes are expected to be...

Q:

Wright Company deposits all cash receipts on the day when they are received and it makes all cash payments by check. At the close of business on May 31, 2017, its Cash account shows a $30,700 debit...

Q:

Two precepts of Operations Management are efficiency and effectiveness. Efficiency is important in many areas of Operations as it can affect cost and schedule. Effectiveness however takes on another...

Q:

A hospital (or other provider or supplier) hosts an informational program to help patients with diabetes learn more about controlling their disease. To encourage participation, dinner will be...

Q:

According to the Holistic University Website Management reading, what team the backbone of the web team structure since it is responsible for the technical, quality, and operational aspects of the...

Q:

11. [p. 15] What is the equation preload and bolt size? used to calculate required Calculate fastener the tightening torques for the 20 fastener, a grade 8, -20 fastener and a grade 8, 14-28 faster...

Q:

Comfort with public disagreement is a big source of conflict on cross-cultural teams. Members from cultures that place a high value on "face" and group harmony may be averse to confrontation because...

Q:

Using Jing, a tool for preparing screencasts, prepare a 5 - minute clip to cover the following tasks: Utilizing tools such as Google Scholar and Scirus identify published material that describes...

Q:

Write a program to move a signed number from smaller register to bigger register. Hint: movzx ax, bl Topic: Data Related Operators and Directives in assembly language

Q:

Selected accounts from the ledger of Picasso Sports for the current fiscal year ended June 30, 2010, are as follows: Prepare a statement of owner's equity for the year. Margarita Castillo, Drawing...

Q:

Finn Kilgallon recently won the jackpot in the Wisconsin lottery while he was visiting his parents. When he arrived at the lottery office to collect his winnings, he was offered the following three...

Q:

Using the data for Teapot Dome Company from Practice Exercise 24-2A along with the data provided below, determine the divisional income from operations for the Norsk and Westdivisions. Norsk Division...

Q:

Dr. Colton identifies himself with the largest subfield of psychology. What kind of psychologist is he? a. clinical b. counseling c. school d. experimental

Q:

Brianne wants to find an explanation for the behavior of her lab rats in her study. Which step in the scientific approach is she currently focusing on? a. testing a hypothesis b. perceiving the...

Q:

Which perspective is often referred to as the third force in psychology and focuses on a persons freedom of choice in determining their behavior? a. biopsychological perspective b. humanism c....