Exercise 3 3
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Exercise 3-3 . Budget Journal Entries. Transaction #1. Enter budgeted revenue and appropriations amounts Use example on top of Page 101. Transaction #2. Order Supplies Since we are entering budgetary amounts, the $20 of supplies must be incorporated into the accounting records

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Exercise 3 3

Exercise 3-3

Budget Journal Entries


Transaction 1
Transaction #1

  • Enter budgeted revenue and appropriations amounts

  • Use example on top of Page 101


Transaction 2
Transaction #2

  • Order Supplies

  • Since we are entering budgetary amounts, the $20 of supplies must be incorporated into the accounting records

  • Follow the first example on Page 104


Transaction 3
Transaction #3

  • Record this transaction as you learned in financial accounting


Transaction 4
Transaction #4

  • This is transaction similar to Transaction #1


Transaction 5
Transaction #5

  • This transaction requires two journal entries, one entry to reverse the encumbrance entry and a second entry to record the expenditure for the equipment.

  • Remember we are using fund accounting and thus in the second entry we should not show a debit to a capital asset but to ?

  • Note that the amounts in journal entry #1 and #2 will be different


Transaction 6
Transaction #6

  • This transaction requires two journal entries and is similar to Transaction #5


Transaction 7 part a
Transaction #7 Part a

  • Record the revenues earned


Transaction 7 part b
Transaction #7 Part b

  • The closing entries will require three entries

  • #1 Reverse the budgeted revenue and appropriations amounts (Transaction #1) and close any balance to Fund Balance

  • #2 Close the Revenue Account to Fund Balance

  • #3 Close all expenditure accounts to fund balance


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