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23 May, 09:56

Prepare budgetary entries, using general ledger control accounts only, for each of the following unrelated situations: a. Anticipated revenues are $10 million; anticipated expenditures and encumbrances are $9.7 million. b. Anticipated revenues are $9.7 million; anticipated expenditures and encumbrances are $10 million. c. Anticipated revenues are $10 million; anticipated transfers from other funds are $1.3 million; anticipated expenditures and encumbrances are $9.7 million; anticipated transfers to other funds are $1.1 million. d. Anticipated revenues are $9.7 million; anticipated transfers from other funds are $1.1 million; anticipated expenditures and encumbrances are $10 million; anticipated transfers to other funds are $1.3 million.

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Answers (1)
  1. 23 May, 11:58
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    a)

    Dr Anticipated Revenue 10,000,000

    Cr Anticipated Expenditure and encumbrances 9,700,000

    Cr Budgetary fund balance 300,000

    b)

    Dr Anticipated revenue 9,700,000

    Dr Budgetary fund balance 300,000

    Cr Anticipated expenditures and encumbrances 10,000,000

    c)

    Dr Anticipated revenue 10,000,000

    Dr Anticipated transfers from other funds 1,300,000

    Cr Anticipated expenditures, encumbrances 9,700,000

    Cr Anticipated transfers from other funds 1,100,000

    Cr Budgetary fund balance 500,000

    d)

    Dr Anticipated revenue 9,700,000

    Dr Anticipated transfers from other funds 1,100,000

    Dr Budgetary fund balance 500,000

    Cr Anticipated expenditure and encumbrances 10,000,000

    Cr Anticipated transfers from others 1,300,000
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