Prepare the General Ledger Journal Entries for the General Fund

question 98

Essay

Prepare the General Ledger journal entries for the General Fund for the Village of Bath for the year ended December 31,2012
a.The budget was formally adopted.Estimated Revenues Control $2,500,000 and appropriations are estimated to be $2,465,000.
b.Revenues were received in the amount of $2,505,000.
c.Purchase orders were issued in the amount of $1,300,000.
d.Purchase orders were filled in the amount of $1,105,000.The invoice amount was $1,110,000.
e.Expenditures,not encumbered,amounted to $1,040,000.(not yet paid)
f.Amounts from d and e are paid.

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Definitions:

Use of Cash

Refers to the ways in which a company or individual utilizes available cash resources.

Accounts Receivable

Money owed to a company by its clients or customers for goods or services delivered but not yet paid for.

Accounts Payable

Liabilities of a business that represent its obligations to pay off short-term debts to its creditors or suppliers.