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problem control over both revenues and expenditures, a government health care budget i in making...

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Accounting

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problem control over both revenues and expenditures, a government health care budget i in making the entries to record the following transactions: district incorporates its n its accounting system and encumbers all commitments. You have been asked to assist the district 1. Prior to the start of the year, the governing board adopted a budget in which agency revenues were estimated at $5,600 (all dollar amounts in this exercise are expressed in thousands) and expenditures of $5,550 were appropriated (authorized). Record the budget using only the control (summary) accounts 2. During the year, the district engaged in the following transactions. Prepare appropriate journal entries. a. It collected $5,800 in fees, grants, taxes, and other revenues. b. It ordered goods and services for $3,000. Except in special circumstances it classifies reserves for encumbrances as "assigned" fund balance. c. During the year it received and paid for $2,800 worth of goods and services that had been previously encumbered. It expects to receive the remaining $200 in the following year. d. It incurred $2,500 in other expenditures for goods and services that had not been encumbered. 3. Prepare appropriate year-end closing entries

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