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Question: For each of the summarized transactions for the Village of Sycamore General Fund, prepare the general ledger journal entries. The year is January 1- December 31, 2012.

a. The budget was formally adopted, providing for estimated revenues of $1,000,000 and appropriations of $980,000.

b. Revenues were received, all in cash, in the amount of $1,010,000.

c. Purchase orders were issued in the amount of $500,000.

d. Of the $500,000 in ( c ), purchase orders were filled in the amount of $490,000; the invoice amount was $480,000 (not yet paid).

e. Expenditures, not encumbered, amounted to $460,000 (not yet paid).

f. Amounts from ( d ) and ( e ) are paid in cash.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92334278

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