Prepare journal entries to record the budget, Cost Accounting

The budgeted and actual revenues and expenditures of Seaside Township for a recent year (in millions) were as presented in the schedule that follows:

1. Prepare journal entries to record the budget.
2. Prepare journal entries to record the actual revenues and expenditures. Assume all transactions resulted in increases or decreases in cash.
3. Prepare journal entries to close the accounts.
4. Determine the net change in fund balance. Does it equal the net change in actual revenues and expenditures?

Revenues: Budget Actual
Property taxes 7.5 7.6
Sales taxes 2.1 2.4
Other revenues 1.6 1.5
Total revenues 11.2 11.5

Wages and salaries 6.2 6.1
Supplies 3.1 3.0
Other expenditures 1.3 1.2
Total expenditures 10.6 10.3
Increase in fund balance 0.6 1.2


Posted Date: 2/19/2014 12:22:52 AM | Location : United States

Related Discussions:- Prepare journal entries to record the budget, Assignment Help, Ask Question on Prepare journal entries to record the budget, Get Answer, Expert's Help, Prepare journal entries to record the budget Discussions

Write discussion on Prepare journal entries to record the budget
Your posts are moderated
Related Questions
A company constructs a building for its own use. Construction began on January 1 and ended on December 30. The expenditures for construction were as follows: January 1, $550,000; M

Evaluate the discounted mean term (DMT) of a bond redeemable at $120 nominal in 15 years time with annual coupons of 7% (based on a nominal bond of $100) at interest rates of 6% ,

A local hotel offers lodging services.  You can pick a name for the hotel(Home Sweet Home Hotel). Your team will develop a prototype reservation system to record client bookings fo

What is idle time for Fast Moving,Slow Moving,Non Moving, and Dead Stock??? Thanks in Advance. Santosh K Jha

Glaser Health Products of Ranier Falls, Georgia, is organized functionally into three divisions: Operations, Sales, and Administrative. Purchasing, receiving, materials and product

Master Designs Company has cash flows for operating activities of $350,000. Cash flows used for investments in property, plant, and equipment totaled $65,000, of which 70% of this

Atkinson's Reliable Tools makes two products that use similar raw materials: #587Q and #253X. Estimated production needs for a unit of each product follows. #587Q #253X Steel (in p

Go the Hershey website to learn how to make Hershey chocolate. (There is also a "print friendly" version of the chocolate making process at the end of the video.) Review the proces

I need project help in Government and nonprofit accounting, can you help me in look out this problems?