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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 | |||
