3-5. For each of the summarized transactions for the Village of Sycamore G enera

Question

3-5. For each of the summarized transactions for the Village of Sycamore G eneral Fund, prepare the general ledger journal entries. a. The budget was formally adopted, providing for estimated revenues of $1,070,000 and appropriations of $996,000. b. Revenues were received, all in cash, in the amount of $1,010,000. c. Purchase orders were issued in the amount of $479,000. d. Of the $479,000 in (c), purchase orders were filled in the amount of $470,500; the invoice amount was $470,000 (not yet paid). e. Expenditures for payroll not encumbered amounted to $510,000 (not yet paid). f Amounts from (d) and (e) are paid in cash.

Explanation / Answer

S.no. General ledger a Estimated revenues control 1,070,000 Appropriation control 996,000 Budgetary fund balance 104000 b Cash 1010000 Revenues Control 1010000 c Reserve for Encumbrances 479000 Encumbrances control 479000 d Reserve for Encumbrances 470500 Encumbrance control 470500 Expenditure Control 470000 Accounts payable 470000 e Expenditures Control 510000 Accounts payable 510000 f Accounts payable (D&E) 980000 Cash 980000

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