ACCT
UNIT 2 IP
Part 1: Research the following statements and write a paper of 500 words on your findings:
What are the key differences between a governmental unit and a commercial company?
Discuss the following terms and how they are used during the budget process of a governmental unit:
Appropriations
Encumbrances
Expenditure
Budgetary fund balances
Give examples of each of the above terms.
Part 2: Gien the following information, create the journa entries required for each of the situations described:
Estimated revenues | |
Property taxes | $1,250,000 |
Fines and foreits | 80,000 |
Intergovernmental | 500,000 |
Total | $1,830,000 |
Appropriations | |
General | $300,000 |
Streets | 50,000 |
Public Safety | 800,000 |
Total | $1,150,000 |
Make the journal entry to record the adoption of the annual budget.
Make the journal entries necessary to record the following cash revenues that were received:
Property Taxes | $800,000 |
Fines and forfeits | 73,000 |
Intergovernmental | 300,000 |
Total | $1,173,000 |
Purchase orders were issued for the following goods and services:
General | $285,000 |
Streets | 50,000 |
Public Safety | 670,000 |
Total | $1,005,000 |
Purchase orders were fulfilled based upon the following estimated and actual costs:
Estimated | Actual | |
General | $285,000 | $280,000 |
Streets | 50,000 | 50,000 |
Public Safety | 670,000 | 660,000 |
Total | $1,005,000 | $990,000 |
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