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

Expenditures:
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
The sale turnover and profit during two period were as following Period 1=Sales Rs.20 Laks, and Profit Rs.2 Laks Period 2=Sales Rs.30 Laks, and Profit Rs.4.Laks Calculate P/V Ratio

Fosson Furniture uses a process cost system to account for its chair factory. Beginning inventory consisted of 5,000 units (100% complete as to material, 55% complete as to labor)

The gross earnings of the factory workers for Vargas Company during the month of January are $66,000. The employer's payroll taxes for the factory payroll are 8,000. The fringe ben

Assume the same facts as in 1A above, except that the interest payment checks were placed on the shareholders' office on December 31, 2012. However, the shareholders are not in the


You perform a travel cost study that looks at the relationship between the cost of visiting a lake (including costs of travel, value of time spent not working & any entry fees), it

Calculate the skewness and kurtosis statistics for your assignment portfolio. How do these reconcile with the assumptions behind Modern Portfolio Theory? Demonstrate analyticall

Adele Weiss manages the campus flower shop. Flowers must be ordered three days in advance from her supplier in Mexico. Advance sales are so small that Weiss has no way to estimate

what are the purposes of cost accounting information

Morrow Company applies overhead based on direct labor hours. At the beginning of the year, Morrow estimates overhead to be $620,000, machine hours to be 180,000, and direct labor h