urphy County General Fund Budget-20X8 Estimated Revenues Taxes. Licenses and permits Intergovernmental Charges for services Fines and for

urphy County General Fund Budget-20X8 Estimated Revenues Taxes. Licenses and permits Intergovernmental Charges for services Fines and forfeits. Other. 800,000 2,00000) 200,000 400000 600,000 12,0000O0 Appropriations 1,000,000 4,000,000 5,000,000 900,000 400,000 600,000 11,900,000 100,000 Publie safety Highways and streets Health and sanitation. Culture and recreation. Other Excess of Estimated Revenues over Appropriations Fund Balance- Beginning Fund Balance-Ending (Anticipated). The following events occurred during 20X8: $ 1,500,000 1. Purchase orders issued and contracts let were expected to cost: General government.. Public safety. Highways and streets.. Health and sanitation Culture and recreation Other $ 300,000 1,200,000 2,500,000 500,000 300,000 200,000 $5,000,000 2. The commissioners reviewed the budget during the year and (a) revised the estimate of Intergovernmental Revenues to $1,500,000 and reduced the Public safety and Highways and streets appropriations by $225,000 each to partially compensate for the anticipated decline in intergovernmental revenues, and (b) increased the Health and sanitation appro- priation by $70,000 because of costs incurred in connection with an unusual outbreak of Tasmanian flu 3. Revenues (actual) for 20X8 were:

urphy County General Fund Budget-20X8 Estimated Revenues Taxes. Licenses and permits Intergovernmental Charges for services Fines and forfeits. Other. 800,000 2,00000) 200,000 400000 600,000 12,0000O0 Appropriations 1,000,000 4,000,000 5,000,000 900,000 400,000 600,000 11,900,000 100,000 Publie safety Highways and streets Health and sanitation. Culture and recreation. Other Excess of Estimated Revenues over Appropriations Fund Balance- Beginning Fund Balance-Ending (Anticipated). The following events occurred during 20X8: $ 1,500,000 1. Purchase orders issued and contracts let were expected to cost: General government.. Public safety. Highways and streets.. Health and sanitation Culture and recreation Other $ 300,000 1,200,000 2,500,000 500,000 300,000 200,000 $5,000,000 2. The commissioners reviewed the budget during the year and (a) revised the estimate of Intergovernmental Revenues to $1,500,000 and reduced the Public safety and Highways and streets appropriations by $225,000 each to partially compensate for the anticipated decline in intergovernmental revenues, and (b) increased the Health and sanitation appro- priation by $70,000 because of costs incurred in connection with an unusual outbreak of Tasmanian flu 3. Revenues (actual) for 20X8 were:

Expert Answer

 

Answer:

1

Accounts Debit Details Credit ($)
Unreserved Fund Balance
50,000 Beginning Fund Balance 1,400,000
70,000 Excess of estimated revenue over appropriation 100,000
1,500,000 Total 1,500,000
Appropriations
450,000 Beginning Balance 11,900,000
11,520,000 Unreserved Fund Balance 70,000
11,970,000 Total 11,970,000
Estimated Revenues
12,000,000 Unreserved Fund Balance 50,000
Appropriations 450,000
Balance 11,500,000
12,000,000 Balance 12,000,000
Expenditures
4,604,000 Balance 11,056,000
6,452,000
11,056,000 Total 11,056,000
Revenues
11,560,000 Beginning Balance 11,560,000
11,560,000 Total 11,560,000
Encumbrances
5,000,000 Estimated Cost 4,600,000
Balance 400,000
5,000,000 Total 5,000,000
Encumbrances Outstanding
4,600,000 Beginning Balance 5,000,000
400,000
5,000,000 Total 5,000,000

2

Revenue Subsidiary ledger

Accounts Cr. Revenues ($) Cr. (Dr.) Balance ($)
Taxes 8,000,000
8,150,000 (1) -150,000
Licenses and Permits 800,000
785,000 (20) 15,000
Intergovernmental 2,000,000
1,500,000
1,520,000 (20) -20,000
Charges for Services 400,000
210,000 (2) -10,000
Fines and Forfeits 400,000
210,000 (20) -10,000
Others 600,000
500,000 (20) 100,000
Expenditures Subsidiary ledger
Accounts Dr. Encumbrances Dr. Expenditures Cr. Appropriations (Dr.) Cr. Unencumbered Balance ($)
General Government 1,000,000 (B) 1,000,000
300,000 (3) 700,000
(280,000) (4a) 278,000 (4b) 702,000
700,000 (5) 2,000
Public Safety 4,000,000 (B) 4,000,000
1,200,000 (3) 2,800,000
(225,000) (B3) 2,575,000
(900,000) (4a) 910,000 (4b) 2,565,000
2,560,000 (5) 5,000
Highways and Streets 5,000,000 (B) 5,000,000
2,500,000 (3) 2,500,000
(225,000) (B) 2,275,000
(2,500,000) (4a) 2,500,000(4b) 2,275,000
2,271,000 (5) 4,000
Health and Sanitation 900,000 (B) 900,000
500,000 (21) 400,000
70,000 (B) 470,000
(440,000) (24) 440,000 (5) 470,000
485,000 (10) -15,000
Culture and Recreation 400,000 (B) 400,000
300,000 (3) 100,000
(300,000) (4a) 295,000 (4b) 105,000
45,000 (5) 60,000
Others 600,000 (B) 600,000
200,000 (3) 400,000
(180,000) (4a) 181,000 (4b) 399,000
391,000 (5) 8,000
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