Question

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.)


      

b. If this budget is formally integrated into the accounting records, what later entry is required? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)


      

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1


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
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?
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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ....
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...
A city orders a new computer for its General Fund at an anticipated cost of $96,300....
A city orders a new computer for its General Fund at an anticipated cost of $96,300. Its actual cost when received is $98,260. Payment is subsequently made. a. Prepare all required journal entries for both fund and government-wide financial statements. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
1. The County levied taxes as follows: Benton County General Fund $ 25,000,000 School District 12,500,000...
1. The County levied taxes as follows: Benton County General Fund $ 25,000,000 School District 12,500,000 Towns 2,500,000 Total $ 40,000,000 2. The property taxes levied in part (a) were collected. 3. The amounts collected were paid to the school district and towns. Required: a. Prepare journal entries for Benton County and the Benton County Independent School District—identify the funds. Record the transactions in the books of the Benton County Tax Agency Fund. (If no entry is required for a...
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...
The Albertville City Council decided to pool the investments of its General Fund with Albertville Schools...
The Albertville City Council decided to pool the investments of its General Fund with Albertville Schools and Richwood Township in an investment pool to be managed by the city. Each of the pool participants had reported its investments at fair value as of the end of 2016. At the date of the creation of the pool, February 15, 2017, the fair value of the investments of each pool participant was as follows: Investments 12/31/16 2/15/17   City of Albertville General Fund...
Manrow Growers, Inc., owns equipment for sowing and harvesting its organic fruit, vegetables, and tree nuts...
Manrow Growers, Inc., owns equipment for sowing and harvesting its organic fruit, vegetables, and tree nuts that are sold to local restaurants and grocery stores. At the beginning of 2016, an asset account for the company showed the following balances: Manufacturing equipment $ 410,000 Accumulated depreciation through 2015 151,200 During 2016, the following expenditures were incurred for the equipment: Routine maintenance and repairs on the equipment $ 5,500 Major overhaul of the equipment that improved efficiency on January 2, 2016...
Allerton Company acquires all of Deluxe Company’s assets and liabilities for cash on January 1, 2018,...
Allerton Company acquires all of Deluxe Company’s assets and liabilities for cash on January 1, 2018, and subsequently formally dissolves Deluxe. At the acquisition date, the following book and fair values were available for the Deluxe Company accounts: Book Values Fair Values Current assets $ 20,250 $ 20,250 Building 110,250 65,150 Land 17,250 28,550 Trademark 0 34,600 Goodwill 37,500 ? Liabilities (50,250 ) (50,250 ) Common stock (100,000 ) Retained earnings (35,000 ) 1&2. Prepare Allerton’s entry to record its...
Prepare journal entries in the General Fund of the Brownville School District. (If no entry is...
Prepare journal entries in the General Fund of the Brownville School District. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) The District had outstanding encumbrances of $11,200 for band instruments from the previous year. It is the District’s policy to re-establish those encumbrances in the subsequent year. The District ordered textbooks at an estimated cost of $57,000. The band instruments arrived at an invoice price of $10,900 plus $290 shipping....
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT