Prepare and analyze journal entries, closing entries
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3-3
A county engages in basic transactions.
Kilbourne County engaged in the following transactions
in summary form during its fiscal year. All amounts
are in millions.
1. Its commissioners approved a budget for the current
fiscal year. It included total revenues of $860 and total
appropriations of $850.
2. It ordered office supplies for $20.
3. It incurred the following costs, paying in cash:
Salaries $610
Repairs $ 40
Rent $ 25
Utilities $ 41
Other operating costs $119
4. It ordered equipment costing $9.
5. It received the equipment and was billed for $10, rather
than $9 as anticipated.
6. It received the previously ordered supplies and was
billed for the amount originally estimated. The county
reports the receipt of supplies as expenditures; it does
not maintain an inventory account for supplies.
7. It earned and collected revenues of $865.
a. Prepare journal entries as appropriate.
b. Prepare closing entries as appropriate.
c. What would have been the difference in the year-end
financial statements, if any, had the county not made
the budgetary entries?
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Solution Summary
The expert prepares and analyzes journal entries and closing entries.
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Answer to your last question of critical thinking is produced herewith.
What would have been the difference in the year-end financial statements, if any, had the county not made the budgetary entries?
The budgeted income statement estimates the expected operating income from budgeted operations. It also gives management a vision of the likely operating result upon completing the budgeted operation. Once this part is complete it will become the benchmark against ...
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