Question

In: Accounting

Prepare journal entries to record the following transactions and events applicable to the calendar year 2018 operations of Lily City:

Journal entries to record miscellaneous transactions and events

Prepare journal entries to record the following transactions and events applicable to the calendar year 2018 operations of Lily City:

1. The approved budget for the year follows:

Estimated Revenues
Property tax revenues$600,000
Licenses and fees30,000
Appropriations
Public safety salaries$550,000
Public safety other expenditures90,000

2. Property taxes of $600,000 were levied and bills totaling that amount were mailed at the beginning of the year. During the year, $590,000 of property taxes was collected. Licenses and fees collected amounted to $28,000.

3. The Lily City Council authorized (a) a budgetary interchange moving $25,000 from the Public Safety other expenditures appropriation to Public Safety salaries, and (b) an additional appropriation of $10,000 for Public Safety salaries.

4. Salaries paid during the year amounted to $570,000; police officers earned an additional $14,000 during December that will be paid in January.

5. Purchase orders for supplies were placed in the amount of $60,000. The entire amount ordered was received during the year, together with invoices totaling $56,000. The invoices were approved for payment.

Solutions

Expert Solution

Transaction General Journal Debit Credit
1 Estimated revenues- Property taxes 600,000
Estimated revenues- licenses and fees 30,000
Budgetary fund balance 10,000
Appropriations - Public safety salaries 550,000
Appropriations - Public safety other expenditures   90,000
2 Property taxes receivable 600,000
Revenue - property taxes 600,000
Cash 590,000
Property taxes receivable 590,000
Cash 28,000
Revenues - Licenses and fees 28,000
3 Appropriations - Public safety other expenditures   25,000
Appropriations - Public safety salaries 25,000
Budgetary fund balance 10,000
Appropriations - Public safety salaries 10,000
4 Expenditures - Public safety salaries 570,000
Cash 570,000
Expenditures - Public safety salaries 14000
Accrued salaries payable 14000
5 Encumbrances 60,000
Budgetary fund balance reserved for encumbrances 60,000
Budgetary fund balance reserved for encumbrances 60,000
Encumbrances 60,000
Expenditures - Public safety other expenditures 56,000
Vouchers payable 56,000

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