Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the following transactions occurred for the city o

The following transactions occurred for the City of Forest Green's General Fund. 1.The budget prepared...

60.1K

Verified Solution

Question

Accounting

The following transactions occurred for the City of Forest Green's General Fund. 1.The budget prepared for the fiscal year included total estimated revenues of $2,774,000 and appropriations of $2,693,000. 2.Encumbrances issued against the appropriations during the year were $931,000. 3.Invoices were received and approved for payment for items ordered in documents recorded as encumbrances in transaction (2) of this problem. The estimated liability was $851,200. Actual costs were $850,500. 4.Revenue other than taxes collected during the year consisted of licenses and permits, $373,000; intergovernmental revenue, $400,000; and $66,000 of miscellaneous revenues. 5.Payments on Vouchers Payable totaled $1,505,000. Prepare the journal entries for the General Fund. Governmental activities and closing entries are not required. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students