Prepare closing entries as appropriate

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Reference no: EM13143291

A county engages in basic transactions.

Kilbourne County engaged in the following transactions in summary form during its fiscal year. All amounts are in millions.

1. Its commissioners approved a budget for the current fiscal year. It included total revenues of $860 and total appropriations of $850.

2. It ordered office supplies for $20.

3. It incurred the following costs, paying in cash:
Salaries $610
Repairs $ 40
Rent $ 25
Utilities $ 41
Other operating costs $119

4. It ordered equipment costing $9.

5. It received the equipment and was billed for $10, rather than $9 as anticipated.

6. It received the previously ordered supplies and was billed for the amount originally estimated. The county reports the receipt of supplies as expenditures; it does not maintain an inventory account for supplies.

7. It earned and collected revenues of $865.

a. Prepare journal entries as appropriate.

b. Prepare closing entries as appropriate.

c. What would have been the difference in the year-end financial statements, if any, had the county not made the budgetary entries?

Reference no: EM13143291

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