Question

Vouchers in the amount of $325,000 were authorized for payment. This was $8,000 less than the...

Vouchers in the amount of $325,000 were authorized for payment. This was $8,000 less than the amount originally encumbered for these purchases. (Journal entry completed by instructor--- SEE JOURNAL ENTRY SECTION BELOW) – You are required to explain each line of the journal entry and related financial statement impact.

6.   Expenditures                                                        325,000

Vouchers Payable                                                            325,000

Fund Balance - Assigned                                     333,000

Encumbrances                                                                  333,000

Explain each line of the journal entry and related financial statement impact.

__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

_______________________________________________________________________________

Homework Answers

Answer #1
  • Expenditures represent expenditure made for purchases for $325,000 and it is shown as purchases in the trading account. Stock will be increased by $325,000 which means assets will be increased by $325,000
  • Vouchers payable represent amount to be paid for the purchases made above of $325,000 and it is shown as accounts payable in the balance sheet.Liabilty will be increased by $325,000
  • Fund balance assigned is the amount which has been given for purchases and therefore fund balance will be reduced.
  • Encumbrances is the restricted amount which cannot be utilised for any other purposes. Fund balance will be increased.
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Forty-one thousand dollars was transferred to the General Fund from the Trust Fund. (Journal entry completed...
Forty-one thousand dollars was transferred to the General Fund from the Trust Fund. (Journal entry completed by instructor--- SEE JOURNAL ENTRY SECTION BELOW) – You are required to explain each line of the journal entry and related financial statement impact. 10. Cash                                                                       41,000 Due from Trust Fund                                                         41,000 Explain each line of the journal entry and related financial statement impact. ___________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ _______________________________________________________________________________.
PROBLEM 18-2 Capital Projects Fund and Related Funds The Town of Green River authorized a municipal...
PROBLEM 18-2 Capital Projects Fund and Related Funds The Town of Green River authorized a municipal building to be constructed at a cost of $175,000. The construction will be financed from the proceeds from the issue of $175,000 of 6% bonds. Any difference between the par value of the bonds and the proceeds from their sale is transferred to the Debt Service Fund. Transactions and events relating to this project include the following: 1. The proceeds from the sale of...
The beginning balances as of 1/1/2017 for the City of Monroe's General Fund are listed below....
The beginning balances as of 1/1/2017 for the City of Monroe's General Fund are listed below. The City follows the modified accrual accounting method for its general fund journal entries and financial statements. The following steps are required for this project. Beginning balances: Cash $711,250; Delinquent Property Taxes Receivable $210,000; Allowance for Uncollectible Property Taxes $37,000; Accounts Payable $99,000; Due to Other Funds $27,000; Deferred Inflows of Resources $210,000; Total Fund Balance $548,250 Step 1) Record journal entries for the...
The Town of Greenburg levied property taxes in the amount of $1,600,000. The town estimates that...
The Town of Greenburg levied property taxes in the amount of $1,600,000. The town estimates that 1 percent will be uncollectible. The journal entry to record the tax levy will include A) A debit to Cash for $1,584,000. B) A debit to Revenues for $1,584,000. C) A credit to Allowance for Uncollectible Current Taxes for $16,000. D) A credit to Estimated Revenues for $1,600,000. The General Fund used electricity provided by the city-owned electric utility (an enterprise fund of the...
The Town of Greenburg levied property taxes in the amount of $1,600,000. The town estimates that...
The Town of Greenburg levied property taxes in the amount of $1,600,000. The town estimates that 1 percent will be uncollectible. The journal entry to record the tax levy will include A) A debit to Cash for $1,584,000. B) A debit to Revenues for $1,584,000. C) A credit to Allowance for Uncollectible Current Taxes for $16,000. D) A credit to Estimated Revenues for $1,600,000. The General Fund used electricity provided by the city-owned electric utility (an enterprise fund of the...
Hello, I need assistance with Bingham. I will include instructions for the assignment. I only need...
Hello, I need assistance with Bingham. I will include instructions for the assignment. I only need 5-a-17 and 5-a-18 as well as any closing entries please. Thanks, [Para. 5-a-1] On the first day of the 2017 fiscal year (January 1, 2017), the bond issue was sold at 101. Cash in the face amount of the bonds, $7,500,000, was deposited in the City Hall Annex Construction Fund; the premium was deposited in the debt service fund, as required by state law.  ...
GeneralProducts provides us financial and business related data for 2016 below. Trades Marks were acquired for...
GeneralProducts provides us financial and business related data for 2016 below. Trades Marks were acquired for $200,000 in 2015.Estimated useful at the time of acquisition was 20 years There was a litigation brought out by a competitor against the Trade Mark. General Products could successfully defend this litigation at a cost of $ 45,000. New useful life of Trade Mark is estimated to be 25 years from the date of acquisition. All sales are on credit and total $ 940,560....
Annapolis Company purchased a $2,000, 7%, 9-year bond at 99 and held it to maturity. The...
Annapolis Company purchased a $2,000, 7%, 9-year bond at 99 and held it to maturity. The straight line method of amortization is used for both premiums & discounts. What is the net cash received over the life of the bond investment? (all money received minus all money paid, round to nearest whole dollar) Ocean Pines Company had net income $475,000. They also had depreciation expense of $200,000, an increase or (decrease) in accounts receivable of $-30,000, and an increase or...
Codger Corp. — Internal Controls Codger Corp. (CC or the “Company”) is a U.S. public company...
Codger Corp. — Internal Controls Codger Corp. (CC or the “Company”) is a U.S. public company that files quarterly andannual reports with the Securities and Exchange Commission (SEC). CC is a leading retail chain operating more than 100 department stores across the continental United States. CC department stores offer customers a variety of nationally advertised products, including clothing, shoes, jewelry, and other accessories. The Company’s supply chain ofproducts is managed through a single warehouse and distribution facility located in Kansas...
In this second portion of the Final Exam, you will critically evaluate a quantitative research study...
In this second portion of the Final Exam, you will critically evaluate a quantitative research study on a social science topic. Your instructor will post an announcement with the reference for the article assigned for the exam. The study will be from a peer-reviewed journal and published within the last 10 years. In the body of your critique, describe the statistical approaches used, the variables included, the hypothesis(es) proposed, and the interpretation of the results. In your conclusion, suggest other...