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  1. business
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  3. the city of south river budget for the fiscal year

The City of South River budget for the fiscal year ended June 30,2024, included an...

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Accounting

The City of South River budget for the fiscal year ended June 30,2024, included an appropriation for the City in the amount of $8,900,000 and estimated revenue $9,000,000. During the month of July 2024, the following transactions occurred (in summary):
Purchase orders were issued in the amount of $5,000,000.
Of the $5,000,000 in purchase orders, $4,800,000 were filled, with invoices amounting to $4,780,000.
Salaries, not encumbered, amounted to $2,700,000.
A budget appropriations reduction in the amount of $1,500,000 was approved by the city council.
During fiscal 2024, the town levied property taxes of $8,000,000, of which it collected $7,966,000 prior to June 30,2024, and $5,000 over each of the next six months. It estimated that $4,000 will be uncollectible
Q3. Prepare Budgetary Entry

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