Question

Prepare budgetary entries, using general ledger control accounts only, for each of the following unrelated situations: (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in whole dollars not in millions (i.e., 1,000,000 not 1.0).) Anticipated revenues are $11.8 million; anticipated expenditures and encumbrances are $8.0 million. Anticipated revenues are $8.0 million; anticipated expenditures and encumbrances are $9.4 million. Anticipated revenues are $9.4 million; anticipated transfers from other funds are $1.6 million; anticipated expenditures and encumbrances are $8.0 million; anticipated transfers to other funds are $0.7 million. Anticipated revenues are $8.6 million; anticipated transfers from other funds are $1.1 million; anticipated expenditures and encumbrances are $9.7 million; anticipated transfers to other funds are $1.0 million.

Answer 1

Please see answer in explanatory column

Step-by-step explanation:

Journal for Budgetary entries

a) Anticipated revenues are $11.8 million; anticipated expenditures and encumbrances are $8.0 million

Account Debit Credit

Estimated Revenue control $11,800,000

Appropriation control $8,000,000

Budgetary fund $3,800,000

Calculation

Budgetary fund = Estimated Revenue control $11,800,000-

Appropriation control $8,000,000 = $3,800,000

b)Anticipated revenues are $8.0 million; anticipated expenditures and encumbrances are $9.4 million.

Account Debit Credit

Estimated Revenue control $8,000,000

Budgetary fund $1,400,000

Appropriation control $9,400,000

Budgetary fund = Estimated Revenue control $8,000,000-

Appropriation control $9,400,000 = -$1,400,000 , therefore will be debited

c)Anticipated revenues are $9.4 million; anticipated transfers from other funds are $1.6 million; anticipated expenditures and encumbrances are $8.0 million; anticipated transfers to other funds are $0.7 million

Account Debit Credit

Estimated Revenue control $9,400,000

Estimated other finance source control$1,600,000

Appropraition control $8,000,000

Estimated other finance source control $700,000

Budgetary fund $2,300,000

Budgetary fund = Estimated Revenue control +Estimated other finance source control) -Appropriation control + Estimated other finance source control= $9,400,000 +$1,600,000)- $8,000,000 + 700,000 ) = 11,000,000 - $8,700,000 =$2,300,000

d)Anticipated revenues are $8.6 million; anticipated transfers from other funds are $1.1 million; anticipated expenditures and encumbrances are $9.7 million; anticipated transfers to other funds are $1.0 million.

Account Debit Credit

Estimated Revenue control $8,600,000

Estimated other finance source control$1,100,000

Budgetary fund $1,000,000

Appropraition control $9,700,000

Estimated other finance source control $1,000,000

Budgetary fund = Estimated Revenue control +Estimated other finance source control) -Appropriation control + Estimated other finance source control= $8,600,000 +$1,100,000)- $9,700,000 + 1,000,000 ) = 9,700,000 - $10,700,000 =-$1,000,000 so will be debited