Question

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.

Answer 1

Step-by-step explanation:

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