Prepare the General Ledger Journal Entries for the General Fund

question 40

Essay

Prepare the General Ledger journal entries for the General Fund for the Village of Bath for the year ended December 31,2014
a.The budget was formally adopted.Estimated revenues are $3,250,000 and appropriations are estimated to be $3,204,500.
b.Revenues were received in the amount of $3,256,500.
c.Purchase orders were issued in the amount of $1,690,000.
d.Purchase orders were filled in the amount of $1,436,500.The invoice amount was $1,443,000.
e.Expenditures,not encumbered,amounted to $1,352,000.(not yet paid)
f.Amounts from d and e are paid

Understand the principles of maximizing shareholder wealth and the implications for firm value.

Comprehend the differences in liability, taxation, and ease of ownership transfer among different forms of business organization including sole proprietorships, partnerships, and corporations.

Recognize the effects of converting a business from a partnership to a corporation.

Identify the factors influencing firm and market organization, including regulations and tax implications.

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Definitions:

Common Law

A body of legal principles that derive from court decisions, as opposed to statutes or constitutions.

Mutual Consent

An agreement between parties where all individuals involved have a clear understanding and agree on the same terms and conditions.

Emancipated

The legal process by which a minor achieves legal independence and is released from the control and responsibility of their parents or guardians.

Employed

The state of being engaged in work or activities for which one receives compensation, typically in the form of salary or wages.