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Question(s) / Instruction(s):

24. (Recording budgetary entries and operating general journal entries and posting detail to subsidiary ledgers)

The Town of Roscoe=s Ridge is a small residential community. The Town has two revenue sources, property taxes and charges for service; and two programs, administration and public safety. The Town=s fiscal 2009 is as follows:

Town of Roscoe=s Ridge General Fund Operating Budget Fiscal 2009 Estimated Revenues Property taxes $1,900,000 Charges for services 360,000 $2,260,000

Appropriations Administration $ 320,000 Public safety 1,800,000 2,120,000

Budgeted Increase in Fund Balance $ 140,000

Operating transactions during the year consist of the following:

1. Levied property taxes. 2. Placed orders for materials and supplies for: Administration 316,000 Public safety 1,440,000 3. Collected revenues of: Property taxes 1,900,000 Charges for services 287,500 4. Received items on order for: Administration 200,000 Public safety 730,000 5. Paid cash for items received for: Administration 201,000 Public safety 730,000 6. Received items on order for: Administration 116,000 Public safety -- 7. Paid cash for items received for: Administration 114,000 Public safety -- 8. Collected revenues of: Property taxes -- Charges for services 81,000

Required: 1. Prepare the general journal entries necessary to record the budget and operating transactions 1.- 8. 2. Post the details of the budgetary entry and the operating entries to the revenues subsidiary ledger and the appropriations subsidiary ledger, as applicable. Subsidiary ledgers are set up for your use. 3. Prepare the general journal entry to close out the budget at the end of the fiscal year.

Town of Roscoe=s Ridge General Fund / Revenues Ledger Fiscal 2009 Source: Property Taxes

Entry no. Item Estimated Revenue Dr Actual Revenue Cr Difference Dr (Cr)

Source: Charges for services

Entry no. Item Estimated Revenue Dr Actual Revenue Cr Difference Dr (Cr)

General Fund / Appropriations Ledger Fiscal 2009 Function: Administration

Entry no.

Item

Appropriation Cr Encumbrances Dr Cr Dr Cr

Expenditures Dr Available Appropriation Cr

Function: Public Safety

Entry no.

Item

Appropriation Cr Encumbrances Dr Cr Dr Cr

Expenditures Dr Available Appropriation Cr

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