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Government and Not for Profit Accounting

Government and Not for Profit Accounting.

I need an explanation for this Accounting question to help me study.

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Budget Journal Entries

Explain why the journal entries that you prepared for Parts A, B, and C are appropriate. Cite your sources for why you prepared the journal entries the way that you did for each of the parts below.

Part A: Johnson City adopted the following General Fund budget for fiscal year 2017:

Estimated revenues:

Taxes

$

15,000,000

Intergovernmental revenues

1,000,000

Licenses and permits

400,000

Fines and forfeits

150,000

Miscellaneous revenues

100,000

Total estimated revenues

$

16,650,000

Appropriations:

General government

$

8,000,000

Public safety

6,000,000

Public works

1,550,000

Health and welfare

950,000

Miscellaneous

100,000

Total appropriations

$

16,600,000

Required

Prepare the general journal entries to record the adopted budget at the beginning of FY 2017

Part B. During July 2016, the first month of the 2017 fiscal year, the Town of Willingdon issued the following purchase orders and contracts.

General government

$

800,000

Public safety

400,000

Public works

75,000

Health and welfare

65,000

Miscellaneous

25,000

Total purchase orders and contracts

$

1,365,000

Required

Prepare the general journal entry to record the issuance of the purchase orders and contracts.

Part C:

The Johnson City’s legislative group approved a General Fund operating budget for the fiscal year ending June 30, 2017. The budget provides for estimated revenues of $2,700,000 as follows: property taxes, $1,900,000; licenses and permits, $350,000; fines and forfeits, $250,000; and intergovernmental (state grants), $200,000. The budget approved appropriations of $2,650,000 as follows: General Government, $500,000; Public Safety, $1,600,000; Public Works, $350,000; Culture and Recreation, $150,000; and Miscellaneous, $50,000.

Required

  • Prepare the journal entry (or entries), to record the Johnson City’s General Fund operating budget on July 1, 2016, the beginning of the town’s 2017 fiscal year.
  • Record the following transactions that occurred during the month of July 2016.

1.

Revenues were collected in cash amounting to $31,000 for licenses and permits and $12,000 for fines and forfeits.

2.

Supplies were ordered by the following functions in early July 2016 at the estimated costs shown:

General Government

$

7,400

Public Safety

11,300

Public Works

6,100

Culture and Recreation

4,200

Miscellaneous

900

Total

$

29,900

3.

During July 2016, supplies were received at the actual costs shown below and were paid in cash. General Government, Culture and Recreation, and Miscellaneous received all supplies ordered. Public Safety and Public Works received part of the supplies ordered earlier in the month at estimated costs of $10,700 and $5,900, respectively.

Actual Cost

Estimated Cost

General Government

$

7,300

$

7,400

Public Safety

10,800

10,700

Public Works

6,100

5,900

Culture and Recreation

4,100

4,200

Miscellaneous

900

900

Total

$

29,200

$

29,100

Government and Not for Profit Accounting

Government and Not for Profit Accounting

I need an explanation for this Accounting question to help me study.

Budget Journal Entries

Need assignment help for this question?

If you need assistance with writing your essay, we are ready to help you!

OUR PROCESS

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Writing

Delivery

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Explain why the journal entries that you prepared for Parts A, B, and C are appropriate. Cite your sources for why you prepared the journal entries the way that you did for each of the parts below.

Part A: Johnson City adopted the following General Fund budget for fiscal year 2017:

Estimated revenues:

Taxes

$

15,000,000

Intergovernmental revenues

1,000,000

Licenses and permits

400,000

Fines and forfeits

150,000

Miscellaneous revenues

100,000

Total estimated revenues

$

16,650,000

Appropriations:

General government

$

8,000,000

Public safety

6,000,000

Public works

1,550,000

Health and welfare

950,000

Miscellaneous

100,000

Total appropriations

$

16,600,000

Required

Prepare the general journal entries to record the adopted budget at the beginning of FY 2017

Part B. During July 2016, the first month of the 2017 fiscal year, the Town of Willingdon issued the following purchase orders and contracts.

General government

$

800,000

Public safety

400,000

Public works

75,000

Health and welfare

65,000

Miscellaneous

25,000

Total purchase orders and contracts

$

1,365,000

Required

Prepare the general journal entry to record the issuance of the purchase orders and contracts.

Part C:

The Johnson City’s legislative group approved a General Fund operating budget for the fiscal year ending June 30, 2017. The budget provides for estimated revenues of $2,700,000 as follows: property taxes, $1,900,000; licenses and permits, $350,000; fines and forfeits, $250,000; and intergovernmental (state grants), $200,000. The budget approved appropriations of $2,650,000 as follows: General Government, $500,000; Public Safety, $1,600,000; Public Works, $350,000; Culture and Recreation, $150,000; and Miscellaneous, $50,000.

Required

  • Prepare the journal entry (or entries), to record the Johnson City’s General Fund operating budget on July 1, 2016, the beginning of the town’s 2017 fiscal year.
  • Record the following transactions that occurred during the month of July 2016.

1.

Revenues were collected in cash amounting to $31,000 for licenses and permits and $12,000 for fines and forfeits.

2.

Supplies were ordered by the following functions in early July 2016 at the estimated costs shown:

General Government

$

7,400

Public Safety

11,300

Public Works

6,100

Culture and Recreation

4,200

Miscellaneous

900

Total

$

29,900

3.

During July 2016, supplies were received at the actual costs shown below and were paid in cash. General Government, Culture and Recreation, and Miscellaneous received all supplies ordered. Public Safety and Public Works received part of the supplies ordered earlier in the month at estimated costs of $10,700 and $5,900, respectively.

Actual Cost

Estimated Cost

General Government

$

7,300

$

7,400

Public Safety

10,800

10,700

Public Works

6,100

5,900

Culture and Recreation

4,100

4,200

Miscellaneous

900

900

Total

$

29,200

$

29,100