Question
In: Accounting
The City of Pleasant Valley adopted the following budget for its general fund for the upcoming...
The City of Pleasant Valley adopted the following budget for its general fund for the upcoming fiscal year.
Estimated revenues:
Taxes $5,000,000
Intergovernmental revenues 1,000,000
Licenses and permits 400,000
Fines and forfeits 150,000
Miscellaneous revenues 100,000
Total estimated revenues $6,650,000
Appropriations:
General government $2,000,000
Public safety 2,200,000
Public works 950,000
Health and welfare 850,000
Miscellaneous 50,000
Total appropriations $5,950,000
- Prepare a summary general journal entry to record the adopted
budget at the beginning of FY 2017. Ignore the subsidiary ledger
accounts.
- Use the following to make an entry for purchases. Ignore
subsidiary ledger accounts.
General government $150,000
Public safety 100,000
Public works 75,000
Health and welfare 65,000
Miscellaneous 10,000
Total $400,000
- Use the following to calculate the year-end balances for the
Fund Balance. Show your work.
- Estimated Revenues $2,150,000
- Revenues 2,190,000
- Appropriations 2,185,000
- Expenditures 3,175,000
- Beginning unassigned fund balance 500,000 credit
- Budgetary fund balance after the budget was recorded was $30,000
Solutions
Expert Solution
Answer:- Journal Entries
| Date | Particulars | Debit Amount | Credit Amount |
| Bank Account Dr. | $ 66,50,000 | ||
| To Taxes | $50,00,000 | ||
| To Intergovermental Revenues | $10,00,000 | ||
| To Liceses & Permits | $4,00,000 | ||
| To Fines & Forfeits | $1,50,000 | ||
| To Miscellaneous Revenue | $1,00,000 | ||
| ( being revenue recorded in the books) | |||
| General Government Dr. | $20,00,000 | ||
| Public Safety Dr. | $22,00,000 | ||
| Public works Dr. | $ 9,50,000 | ||
| Health & welfare Dr. | $ 8,50,000 | ||
| Miscellaneous Dr. | $ 50,000 | ||
| To Bank Account | $ 60,50,000 | ||
| (being expenses recorded) | |||
| Purchases Dr. | $ 4,00,000 | ||
| To Bank Account | $ 4,00,000 | ||
| (being purchases recorded) |
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