Prepare journal entries to record the budget, Cost Accounting

Assignment Help:

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

 


Related Discussions:- Prepare journal entries to record the budget

Business process mapping, Using some variation of business process mapping,...

Using some variation of business process mapping, graph out the mango concentrate supply chain focusing on when cost is added to the supply chain. (i.e. Display/draw the process

How to calculate the cost per unit for each product , Asian Ltd makes three...

Asian Ltd makes three types of gold watch - the Diva (D), the Classic (C) and the Poser (P). A traditional product costing system is used at present; although an activity based cos

Calculate cost for each unit, Dropping a segment - George's Grill analyzes ...

Dropping a segment - George's Grill analyzes profitability of three operating units: restaurant, bar, and billiards room. Revenues, variable costs, and attributable fixed costs (wh

Calculate operating income under throughput costing, The follow data relate...

The follow data relates ot year 20XX for Plano Manufacturing Company: Units produced - 2,000 Units sold - 1,800 Selling price - $200 / per unit Direct material costs - $80,000 Dire

Determine profit in long-term, Determine Profit in Long-Term To demons...

Determine Profit in Long-Term To demonstrate the point about profit in the long-term, let us assume that a company sells and makes a single product.  There are no opening stoc

The cost per complete unit, In a given period production and cost data were...

In a given period production and cost data were as follows:     Total Costs   Materials   Rs. 5,115                      Labour          3,952                     Overheads

Period costs, Period Costs Some terms are difficult to define. In one s...

Period Costs Some terms are difficult to define. In one school of thought, period costs are the any costs that are not product costs. But, such a description is a stretch, beca

Identify the stakeholders and organization, i.   Identify the organization ...

i.   Identify the organization ii.  Identify the stakeholders iii. Give the major requirements for the IT application iv. Reflect on how difficult it was to do the require

Absorption, Under which inventory costing method could increases or decreas...

Under which inventory costing method could increases or decreases in income from operations be misinterpreted to be the result of operating efficiencies or inefficiencies?

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd