Journal Entries- Fund Based vs. Government-Wide Show 1. City council adopts an annual budget for the general fund with estimated revenues of $1,700,000, appropriations of $1,500,000, and approved transfers of $120,000.
2. Property taxes of $1,300,000 are levied. City expects to collect all but 3% of taxes.
3. Two new police cars are ordered for $150,000.
4. A transfer of $50,000 is made from the general fund to the debt service fund.
5. A bond payable of $40,000 is paid along with $10,000 in interest.
6. A $2,000,000 bond is issued at face to acquire a building to convert to a school.
7. The two police cars are received with an invoice for $152,000.
8. The building for the school is acquired for $2,000,000 cash.
9. Depreciation on the new police cars is computed as $30,000.
10. The city borrowed $100,000 on a 90-day note.
11. A special assessment project is begun. The city sells $80,000 in bonds at face to finance the project. If the debt is not paid by the assessments collected, the city has pledged to guarantee the debt.
12. A contractor completes the assessment project and is paid $80,000.
13. Citizens are assessed $85,000 for the project
14. The assessments of $85,000 are collected in full. The debt, plus $5,000 in interest is repaid.
15. The city receives a $10,000 grant for repairing a park.
16. The city spends $4,000 on park repairs.
When the budget for the General Fund is recorded the required journal entry will include which of the following?Terms in this set (65) Assume estimated revenues exceed appropriations. When the budget for the General Fund is recorded, the journal entry will include: A credit to Budgetary Fund Balance.
What is a General Fund in a budget?General Fund. General fund refers to revenues accruing to the state from taxes, fees, interest earnings, and other sources which can be used for the general operation of state government. General fund revenues are not specifically required in statute or in the constitution to support particular programs or agencies.
What type of account is General Fund?General Fund
This includes the Budget Stabilization Account and accounts used to finance local projects, which are generally funded with bond proceeds and do not result in an asset owned by the state. Other Accounts in the General Fund - Used for accounts that have no balances or activity.
When the budget of a government is adopted and estimated revenues exceed appropriations the excess is?In a government setting, a budget surplus occurs when tax revenues in a calendar year exceed government expenditures. The United States government has only achieved a budget surplus four times since 1970.
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When the budget for the General Fund is recorded, the required journal entry will include
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