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Solutions for Accounting for Governmental & Nonprofit Organizations, 2nd Edition Patton $49.49   Add to cart

Exam (elaborations)

Solutions for Accounting for Governmental & Nonprofit Organizations, 2nd Edition Patton

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  • Course
  • Advanced Accounting
  • Institution
  • Advanced Accounting

Complete Solutions Manual for Accounting for Governmental & Nonprofit Organizations, 2e 2nd Edition by Patton, Patton, Waymire. All Chapters solutions are included with Instant Download. Chapter 1 Governmental and Nonprofit Accounting Environment and Characteristics (pg. 1-1) Chapter 2 The ...

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  • July 11, 2023
  • 358
  • 2022/2023
  • Exam (elaborations)
  • Questions & answers
  • Advanced Accounting
  • Advanced Accounting
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StepsSol
Accounting for Governmental & Nonprofit
Organizations, 2e Patton Solutions
Appendix A

Comprehensive
Governmental Accounting Problem

QUESTIONS

Part A General Fund Budgetary Journal Entries (Chapter 3)
(45 minutes)

Item 1:
Estimated revenues – property taxes 9,000
Estimated revenues – personal income taxes 5,000
Estimated revenues – intergovernmental 1,000
Estimated revenues – recreation fees 600
Budgetary fund balance 500
Appropriations – public safety salaries 7,000
Appropriations – public safety supplies 500
Appropriations – public works salaries 5,000
Appropriations – parks salaries 2,300
Appropriations – transfer to Library Fund 100
Appropriations – transfer to Debt Service Fund 1,200
To record budget

Item 2:
Encumbrances– public safety supplies 450
Budgetary fund balance reserved for encumbrances 450
To record encumbrances for $300 firearms and $150 uniforms

Item 3:
Budgetary fund balance reserved for encumbrances 300
Encumbrances – public safety supplies 300

Expenditures – public safety supplies 330
Vouchers payable 330
To reverse encumbrances and record expenditure

Item 4:
Vouchers payable 330
Cash 330
To record payment of voucher

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