Explain the actual revenues and expenditures

Reference no: EM13320537

Seaside Township: Prepare journal entries to record budget, transactions, closing

--------------------------------------------------------------------------------

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

Reference no: EM13320537

Questions Cloud

Find the average force that the water exerts on the diver : A 60 kg person jumps from rest off a 5m high tower straight down into the water. find the average force that the water exerts on the diver

What is the amount dubois will receive on the sale : Dubois Inc. loans money to John Kruk Corporation in the amount of $823,200. Dubois accepts an 8% note due in 6 years with interest payable semiannually.

Estimate the force on the chimney at the bottom of chimney : The wind blows horizontally in a direction which is parallel to one of the diagonals of the cross section. Careful measurement shows that, at height y from the ground, the magnitude of the wind velocity is given

How long does david measure the train car to be : A very fast-moving train car passes you, moving to the right at 0.50c. You measure its length to be 12m. How long does David measure the train car to be

Explain the actual revenues and expenditures : Prepare journal entries to record the actual revenues and expenditures. Assume all transactions resulted in increases or decreases in cash.

Consider the following definition of discrimination : Consider the following definition of discrimination

Determine the dividend yield for macro : Dividend Yield The market price for Macro Corporation closed at $33.07 and $47.93 on December 31, 2008, and 2009, respectively. The dividends per share were $0.42 for 2008 and $0.58 for 2009.

Find the rms value of the voltage across the inductor : 120-v rms signal at 60.0hz is applied across a 30.0mH inductor and a 100 resistor. what is the rms value of the voltage across the inductor

Received semiannual interest : Accrued $576 interest on Elkin City bonds. Dec. 31 Accrued $620 interest on Morgan Co. bonds. 2013 Mar. 1 Received semiannual interest on the Elkin City bonds. June 1 Received semiannual interest on the Morgan Co. bonds.

User Account

All Pages