Prepare the general ledger journal entries

Assignment Help Accounting Basics

Reference no: EM132125175

Question: Instructions: Provide complete answers to the following two problems:

1. Prepare the General Ledger journal entries for the General Fund for the Village of Bath for the year ended December 31, 2017.

• The budget was formally adopted. Estimated revenues are $3,250,000 and appropriations are estimated to be $3,204,500.

• Revenues were received in the amount of $3,256,500.

• Purchase orders were issued in the amount of $1,690,000.

• Purchase orders were filled in the amount of $1,436,500. The invoice amount was $1,443,000.

• Expenditures, not encumbered, amounted to $1,352,000. (not yet paid)

• Amounts from d and e are paid.

2. The following are GASB's fund balance classifications. Define and give an example of each: Non-spendable, Restricted, Committed, Assigned, and Unassigned.

Paper Requirements: • Submit your responses to the questions in a one- to two-page document in MSWord. Label each question clearly. For computations, please include them in a table.

• For written answers, please make sure your responses are well written.

• Follow the CSU-Global Guide to Writing & APA Requirements.

• The required number of pages for the assignment does not include the title page and references page.

Reference no: EM132125175

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