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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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