Question
In: Accounting
Mayor of Munchkin City adopted a General Fund budget for the year ending May 31, 201...
Mayor of Munchkin City adopted a General Fund budget for the year ending May 31, 201 9 . The budget showed revenues of $ 4 ,2 1 0,000, bond proceeds of $ 1,024 ,000, appropriations of $ 3 , 975 ,000, and operating transfers of $ 935 ,000. Prepare journal entry showing budget integration into fund accounting record
Solutions
Expert Solution
The journal entry to open the budget would be:
Estimated revenues (debit) $4,210,000
Estimated other financing sources (debit) $1,024,000
To Budgetary fund balance – unreserved (credit) $324,000
To Appropriations (credit) $3,975,000
To Estimated other financing uses (credit) $935,000
ekkarill92 answered 1 year agoRelated Solutions
Comprehensive General Fund Review The Wayne City Council approved and adopted its general fund budget for...
Comprehensive General Fund Review
The Wayne City Council approved and adopted its general fund
budget for 2020. The budget contained the following amounts:
Estimated revenues
$70,000,000
Appropriations
66,000,000
Estimated transfers in
1,000,000
Estimated transfers out
6,000,000
During 2020, various transactions and events occurred which
affected the general fund. The legal budgetary basis is used.
Required
For items 1–40, indicate whether the item should be debited (D),
credited (C), or is not affected (N) in the general fund.
a. Items 1–5...
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...
The Town of Willingdon adopted the following General Fund budget for fiscal year 2017: Estimated...
The Town of Willingdon adopted the
following General Fund budget for fiscal year 2017:
Estimated revenues:
Taxes
$
14,900,000
Intergovernmental revenues
1,025,000
Licenses and permits
418,000
Fines and forfeits
155,000
Miscellaneous revenues
105,000
Total estimated revenues
$
16,603,000
Appropriations:
General government
$
7,975,000
Public safety
5,990,000
Public works
1,540,000
Health and welfare
940,000
Miscellaneous
95,000
Total appropriations
$
16,540,000
Required
a-1.
Prepare the general journal entries to record the adopted budget
at the beginning of FY...
he Town of Willingdon adopted the following General Fund budget for the fiscal year beginning July...
he Town of Willingdon adopted the following General Fund budget
for the fiscal year beginning July 1:
Estimated revenues:
Taxes
$
14,700,000
Intergovernmental revenues
1,075,000
Licenses and permits
420,000
Fines and forfeits
165,000
Miscellaneous revenues
115,000
Total estimated revenues
$
16,475,000
Appropriations:
General government
$
7,925,000
Public safety
5,970,000
Public works
1,520,000
Health and welfare
920,000
Miscellaneous
85,000
Total appropriations
$
16,420,000
Required
a-1. Prepare the general journal entries to record the
adopted budget at the beginning of the fiscal...
The Town of Bedford Falls approved a General Fund operating budget for the fiscal year ending...
The Town of Bedford Falls approved a General Fund operating
budget for the fiscal year ending June 30, 2017. The budget
provides for estimated revenues of $2,838,000 as follows: property
taxes, $1,948,000; licenses and permits, $380,000; fines and
forfeits, $280,000; and intergovernmental (state grants), $230,000.
The budget approved appropriations of $2,782,000 as follows:
General Government, $530,000; Public Safety, $1,660,000; Public
Works, $380,000; Culture and Recreation, $156,000; and
Miscellaneous, $56,000.
Required
a&b.
Prepare the journal entry (or entries), to record...
The trial balance for the General Fund of the City of Topeka as of December 31,...
The trial balance for the General Fund of the City of Topeka as
of December 31, 2017 is presented
below:
CITY OF TOPEKA
The General Fund
Adjusted Trial Balance - December 31, 2017
Debit
Credit
Cash
216,000
Property Tax Receivable
31,000
Estimated Uncollectible Taxes
8,000
Due from Trust Fund
41,000
Vouchers Payable
55,000
Reserve for Encumbrances
20,000
Unassigned Fund Balance
205,000
288,000
288,000
Transactions for the year ended December 31, 2018 are summarized
as follows:
1. The City Council adopted...
CITY OF VIENNA Budgetary Comparison Schedule General Fund For the Year Ended December 31, 2017 Budgeted...
CITY OF
VIENNA
Budgetary Comparison Schedule
General Fund
For the Year Ended December 31, 2017
Budgeted
Actual
Amounts
(Budgetary
Basis)
Variance
with Final
Budget
Original
Final
Revenues:
Taxes
$6,500,000
$6,465,000
$6,480,000
$ 15,000
Licenses
230,000
?
225,000
(8,000)
Intergovernmental
1,200,000
1,200,000
1,200,000
0
Miscellaneous
120,000
104,000
?
2,000
Total Revenues
8,050,000
?
?
9,000
Expenditures and Encumbrances:
General Government
2,700,000
2,602,000
?
98,500
Public Safety
4,050,000
4,200,000
4,215,000
(15,000)
Health and Welfare
?
?
1,198,000
22,000
Total Expenditures and
Encumbrances...
The city of Grafton's records reflected the following budget and actual data for the general fund...
The city of Grafton's records reflected the following budget and
actual data for the general fund for the the fiscal year ended June
30, 2017
1. Estimated revenues:
Taxes(property) $3,213,000
Licenses and permits 790,000
Intergovernmental revenues 310,000
Miscellaneous revenues 200,000
2. Revenues
Taxes (Property) 3,216,000
Licenses and permits 792,000
Intergovernmental revenues 299,000
Miscellaneous revenues 195,000
3. Appropriations
General Government 920,000
Public safety 2,090,000
Health and welfare 1,398,000
4. Expenditures
General government 920,000
Public safety 2,005,000
Health and welfare 1,398,000
5....
The City of Pfeiffer starts the year of 2017 with the general fund and an enterprise...
The City of Pfeiffer starts the year of 2017 with the general
fund and an enterprise fund. The general fund has two activities:
education and parks/recreation. For convenience, assume that the
general fund holds $123,000 cash and a new school building costing
$1 million. The city utilizes straight-line depreciation. The
building has a 20-year life and no salvage value. The enterprise
fund has $62,000 cash and a new $600,000 civic auditorium with a
30-year life and no salvage value. The...
The City of Pfeiffer starts the year of 2017 with the general fund and an enterprise...
The City of Pfeiffer starts the year of 2017 with the general
fund and an enterprise fund. The general fund has two activities:
education and parks/recreation. For convenience, assume that the
general fund holds $144,000 cash and a new school building costing
$1,180,000. The city utilizes straight-line depreciation. The
building has a 20-year life and no salvage value. The enterprise
fund has $65,000 cash and a new $360,000 civic auditorium with a
30-year life and no salvage value. The enterprise...
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