The Board of Commissioners of the City of Rockton Adopted

question 2

Short Answer

The Board of Commissioners of the City of Rockton adopted its budget for the year ending July 31,20X2,which indicated revenues of $1,000,000 and appropriations of $900,000.If the budget is formally integrated into the accounting records,what is the required journal entry?

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Definitions:

Job Cost Sheets

Documents that record and track the costs associated with a specific job or project.

Direct Materials

Fundamental materials directly identifiable in the creation of a product.

Direct Labor

The labor costs directly tied to the production of goods or the performance of services.

Overhead Cost

Overhead cost refers to ongoing business expenses not directly linked to creating a product or service, such as rent, utilities, and administrative costs.