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Accounting
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
- Expenditures
- Budgetary fund balances
- Give examples for each of the above terms.
Part 2: Given the following information, create the journal entries required for each of the situations described:
Estimated revenues
Property taxes
$1,250,000
Fines and forfeits
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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