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accounting help
accounting help
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$1,250,000Fines and forfeits80,000Intergovernmental 500,000 Total$1,830,000 Appropriations General$300,000 Streets 50,000Public safety 800,000 Total$ 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:
- Purchase orders were issued for the following goods and services:
- Purchase orders were fulfilled based upon the following estimated and actual costs: