Question

The City of Albany, New York (population estimate 98,000) adopted the following General Fund budget for...

The City of Albany, New York (population estimate 98,000) adopted the following General Fund budget for fiscal year 2018. (For simplicity, we combined many items into “All other” accounts.) Prepare the journal entry to record the budget.

Estimated Revenues

Property tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 57,700,000

Sales tax. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,111,580

All other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85,171,223

$176,982,803

Appropriations Police department. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 53,575,129

Fire and emergency services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,650,289

All other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90,757,385

$176,982,803.

Assume that, later in the year, the city decides to increase the Police department appropriation by $1,250,000, but does not increase the estimated revenues. Prepare the journal entry to record the change.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Thanks may I know if you have any doubts

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
The board of commissioners of the City of Hartmoore adopted a General Fund budget for the...
The board of commissioners of the City of Hartmoore adopted a General Fund budget for the year ending June 30, 2015, that included revenues of $1,250,000, bond proceeds of $612,500, appropriations of $927,500, and operating transfers out of $525,000. a. If this budget is formally integrated into the accounting records, what journal entry is required at the beginning of the year? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)       ...
The Edward City Council approved and adopted the budget for its general fund for the year...
The Edward City Council approved and adopted the budget for its general fund for the year just ended. The budget contained the following amounts: Estimated revenues $4,900,000 Appropriations 4,780,000 Authorized interfund transfer to the sports and recreation debt service fund 90,000 During the year, various transactions and events occurred that affected the general fund. Edward City levied property taxes of $4,000,000, of which it estimated that $25,000 would be uncollectible. During the discount period between the levy and the date...
7. The board of commissioners of the city of Canton adopted a General Fund budget for...
7. The board of commissioners of the city of Canton adopted a General Fund budget for the year ending June 30, 2020, which indicated revenues of $5,600,000, bond proceeds of $200,000, and appropriations of $4,160,000. Required: If this budget was formally integrated into the accounting records used to produce the Fund Financial Statements, what was the required journal entry at the beginning of the year? At the end of the year?
Question #1: Matching Fund Types with Transactions New York City maintains the following funds: General Special...
Question #1: Matching Fund Types with Transactions New York City maintains the following funds: General Special revenue Capital projects Debt service Enterprise Investment trust Permanent Agency For each of the following transactions, indicate which fund would most likely be used to report the transaction (this part was answered during class) and prepare the necessary journal entry. ____8______The city collects $1 million of taxes for an independent fire district located within the city. Journal entry: ____2______The city spends $1.2 million on...
The following information is provided about some of the City of Boston General Fund operating statement...
The following information is provided about some of the City of Boston General Fund operating statement and budgetary accounts for the fiscal year ended June 30. Estimated revenues $ 6,150,000 Revenues 6,190,000 Appropriations 6,185,000 Expenditures 6,175,000 Estimated other financing sources 300,000 Encumbrances 80,000 Encumbrances outstanding 80,000 Budgetary fund balance 265,000 Other financing sources 200,000 Prepare the closing journal entries for the City of Boston
At the end of the current fiscal year, the City of Columbus General Fund pre-adjusted trial...
At the end of the current fiscal year, the City of Columbus General Fund pre-adjusted trial balance showed the following balances for operating and budgetary accounts and fund balance accounts. Debits Credits Appropriations $ 6,324,000 Estimated Other Financing Uses 2,826,000 Estimated Revenues $ 8,097,000 Encumbrances 0 Expenditures 6,292,000 Other Financing Uses 2,820,000 Revenues 8,080,000 Budgetary Fund Balance 1,053,000 Fund Balance—Nonspendable—Inventory of Supplies 143,900 Fund Balance—Unassigned 1,993,000 The City of Columbus uses the purchases method of accounting for its inventory of...
GOVERNMENT AND NON-PROFIT ACCOUNTING QUESTION: Journal Entries, Subsidiary Ledger Effects, AND Transaction Analysis Selected transactions of...
GOVERNMENT AND NON-PROFIT ACCOUNTING QUESTION: Journal Entries, Subsidiary Ledger Effects, AND Transaction Analysis Selected transactions of the City of Livingston General Fund for the 2019 fiscal year are presented on the following page. All amounts are in thousands of dollars. 1. The City Council approved the following budget for the fiscal year: Appropriations ......................................................................................... 14,000 Estimated Revenues................................................................................. 12,000 Of these amounts, K8,000 is for operating expenditures and K10,000 is for property tax revenues. 2. The property tax levy was recorded,...
Prepare journal entries to record the following events and transactions for the year 2018.                 ...
Prepare journal entries to record the following events and transactions for the year 2018.                  a. The Township adopted a budget calling for appropriations of $420,000. The estimated revenues (all property taxes) were $400,000.               b. The Township sent property tax bills amounting to $280,000 to property owners.               c. Property owners paid $250,000 of property taxes to the Township.               d. A purchase order of $40,000 was sent to a vendor of supplies.               e. The supplies ordered...
Government activities may be less “profitable” than they appear. A city prepares its budget in a...
Government activities may be less “profitable” than they appear. A city prepares its budget in a traditional format, classifying expenditures by fund and object. In 2010, amid considerable controversy, the city authorized the sale of $20 million in bonds to finance construction of a new sports and special events arena. Critics charged that, contrary to the predictions of arena proponents, the arena could not be fiscally self-sustaining. Five years later, the arena was completed and began to be used. After...
Prepare general journal entries, including appropriate interest accruals, to record the following transactions in the general...
Prepare general journal entries, including appropriate interest accruals, to record the following transactions in the general ledger of the General Fund of Wick Township. 1. Township Council adopted the budget for the fiscal year: Budgeted revenues, $23 million Appropriations, $24 million 2. Township levied property taxes for the current year, $20 million. All except the expected uncollectible portion (1%) are expected to be collected by year end. 3. Taxes of $12 million were collected before the due date. The remaining...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT